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If the market is climbing a wall of worry, then where are the increasing volume of shares offered up for sale as share prices increase? Where is increased put option hedging on the CBOE? Neither is present. Is there some better way to objectively assess "worry?" I think not! Complacency is rampant.

This is not to say a crash is imminent. Rather, it is to suggest the upside should be seen as limited at best.

That said, though, considering that Crash Confidence Index readings are well above where they stood in early-January '09, a trip back down to March '09 lows should not be thought out of the question.

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