This is a clear sign of complacency in this market. The fear was palpable in October and November, now it is just a bunch of bottom pickers who say the coming bear market rally will be gigantic. Still a lot of downside left in this bear market, bottom is probably in late summer/early fall when all hope is lost. Put/call ratios are lower than they were several days ago when we were trading stronger. Short the rallies, do not buy the dips.