I have commented earlier this week - Overconfidence is the new black - about the extreme complacency of the market. We entered 2013 with the notion that nothing could go wrong. The FOMC was accommodative, 2013 was going to be a transition year where investing was supposed to be on autopilot. But already in the second week of the year and, at least in momentum terms, the world's biggest monetary experiment is flagging. The market will deny it for probably a week or two more, but even in finance there is gravity.

- Saxo bank