Still no Fear

I just looked and was stunned to see that not one day last week registered a total put/call ratio above 1. Even the 10-day moving average on that indicator is below 1. How can that be?! Where on earth is the fear? And I'm not seeing extreme fear in any other indicators, either.

Wow, I truly dislike saying this, but the implications are terrible. It suggests that we haven't yet seen the downward whoosh in which traders throw the baby out with the bathwater for this down-leg. Dow 6000? Lower? Can't count 'em out.

The only hope in the short-run is that we catch a bid because the market's still in the general range of the 2002 lows, but I still would not trust any such rally that started from here and neither should you. The lack of fear is nothing short of stunning.

Maybe investors have just given up.