Above is a weekly chart of the S&P500 (green line) vs the VIX. As you can see the VIX has reached a multi year low which suggests that many traders and investors are complacent with the market and feel comfortable owning stocks at these levels. From a contrarian viewpoint this suggests that the stock market may in fact be within days of making an important top.
http://kevinsmarketblog.blogspot.com/2012/08/vix-hits-multi-year-low.html
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