Jurrien Timmer, director of global macro research for Fidelity Investments, agrees this is a distinct possibility.

WSJ: Watch for a Post-St. Patrick's Day Selloff

"It's much more expensive now to refinance debt than it was a couple of months ago, " said Alberto Gallo, head of European macro credit research at Royal Bank of Scotland, pointing out that the LTRO helped banks meet much of their funding requirements for 2012, limiting their need to sell bonds.

WSJ: European Banks��Large and Small��Rely on ECB

He says he now is focusing on a global bond fund and spends his days reading macro-oriented publications and research from gloomy economist Nouriel Roubini.

WSJ: 'Macro' Forces in Market Confound Stock Pickers