David Fuller's view David Kotok says no, based on accommodative monetary policy, worldwide. He also says there is little recession risk this year, unlike 2011.

Fullermoney has certainly taken a bullish view on monetary policy since 4Q 2011. However, I have some concerns regarding the overall economic background. Brent crude rallied back to last year's highs before the recent easing and the downward ranging Continuous Commodity Index indicates slowing demand, although there will be some increased supply as well. The overall rate of increase in corporate profits has moderated.

Nevertheless, I will back monetary policy more often than not and while we are unlikely to have any more QE in the US and UK for a while, growth economies and Japan will be adding some stimulus. Short-term rates remain low and / or declining throughout most of the world.

I will not be selling my personal long-term investment positions because some of them provide attractive yields and I am hoping that we experience no more than a well-earned correction for most stock markets, prior to a resumption of the bull trend later this year. However we can expect some turbulence, not least while the Euro STOXX Banks Index (weekly & daily) remains weak and near previous important lows.