Weren't We Facing A Systemic Collapse a Few Months Ago... What's Changed Since Then?

``Folks, just a few months ago, no less than the IMF, Bank of England, and others warned that we were facing a global meltdown and the worst financial crisis in history. Do you really think a few liquidity programs have solved all of this?... the charts don't scream, "more easing is coming" to me. Which makes the extreme bullishness of investors all the more disconcerting. Any time a trade grows too lopsided, there's the opportunity for a sharp reversal. Right now, investors are piling into risk assets in anticipation of more QE from the Fed. But none of the fundamental issues that nearly took Europe down have been resolved. And the Fed has made it clear that it's finding QE less and less "attractive" since as far back as May 2011.''