The volatility indicators

The VXX just hit another all time new low, the VIX just hit a new low that would correlate approximately with the 2007 market top, so about a 4 year intraday low today.

Remember that these trade inversely to the market and give signals or warnings at extreme levels. Right now we are at extreme levels of complacency, coupled with near record margin debt, traders simply aren't taking this market's downside potential serious.