Complacent. That’s the word that sticks out in my mind in studying May’s RAGE Gauge. Investors have become complacent. As the indexing craze continues mad money props up the same stocks. Is that a good idea? There’s a false sense of confidence in believing one is diversified from buying an index when only a handful of companies move it. May’s reading is another warning of how complacent investors have become. It doesn’t mean the party is over. But it does mean more money riding on a few names. Don’t let the complacency bring you down.