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B of A: 5 Near-term Market Risks

Bank of America cites 5 signs of complacency. According to them, this suggests the market has further to move on the downside.  Are these signs of complacency or just noise?  You be the judge (via Business Insider):

“First, NYSE volume remains lackluster on this decline and is not at panic levels. Second, the drop from the early August peak has not triggered any 90% down days. Third, daily ARMS (TRIN) remains complacent and below the 2.0 readings that would indicate near-term fear. Finally, the 5-day Put/Call ratio (page 7) is coming off the complacency levels last seen in September 2012.”

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