The fetal position is never a long term stance, but it has proven to be the correct stance over the last decade for those not quite brave enough to go short.
Interventions have changed the face of the market, and interventions are never the true face of the market. Time will tell, and the can may be kicked down the road for quite a while before it explodes.
Most radical shifts tend to be quite "unexpected".
What many of us don't understand is that deflation is the most likely, and actual scenario, driven by high public and private debt. It doesn't matter how much money is printed if very few can take on any more debt. Take a look at the last two decades in Japan. Inflation isn't a threat right now, it may be so in the future, but it takes a wage/price spiral to really get it going-and we are a very long way from that scenario.
There is real large scale deflation in the stock market, housing market and job market. High taxes and high debt insure it will stay that way for the foreseeable future.