A Reuters poll shows that leading global investors cut US bond holdings to a 3 1/2 year low. Portfolios in stocks ballooned to 51.1% of total holdings and the highest level since February. Some air came out of South American stocks as holdings fell to the lowest since January 2010

“We have a constructive global growth picture amid a maturing business cycle going into 2014,” said Douglas Gordon, senior investment strategist, North America at Russell Investments. “Risks include a surprise from either a communication misstep on behalf of the FOMC, or an earlier start to the taper than consensus, which currently is rapidly moving into 2014 – March or potentially later.”

Gives you a sign that things could get ugly if we get a Dectaper.