The good old Credit Suisse Risk Appetite Index still has us in the "panic mode" state. In fact this year saw the absolute low on the index. The 2011 "panic" indicator was materially worse than the same measure in 2008.
Somewhat surprisingly however, the Risk Appetite index is inconsistent with VIX, another "risk indicator". In particular the current level on VIX is nowhere near what one would classify as "panic" levels.
Yet again, we observe two inconsistent risk indicators, potentially pointing to discrepancies in the pricing of risk across various asset classes.