Two recent posts, "No Fear," and "Reversal Time?" noted the fact that investor sentiment looks dangerously complacent. But that seeming lack of fear is actually a global phenomenon. Not only is the widely watched CBOE Volatility Index (VIX) trading near its multi-year lows, indicating that options traders are less-than-concerned about the prospect of a major market disruption, so, too, are implied volatility indexes in Europe, China, and Japan.

The obvious question, of course, is whether such complacency is justified. History would say otherwise.

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