A low and choppy equity put:call ratio on a high and choppy market remind me of the second quarter of 2007, the Goldilocks era. The 5-day average CPCE is my favorite short-term fear gauge, since it is so mean-reverting and highly predictive of stock action on a month-to-month basis.

Source: indexindicators.com

-

And here’s a 5-year shot of the VIX (the most popular fear gauge). Sure looks due for a spike:

Source: Interactive Brokers