But others argue that the mood is not as cavalier as it seems.
Dan Greenhaus, chief market strategist at BTIG, said the idea that investors are complacent is "utter and total nonsense." He says there's "no shortage of worries" among the clients of his brokerage firm.
Greenhaus said investors are concerned about Federal Reserve policy, sluggish economic growth and lackluster corporate earnings, to name a few.
In fact, traders are worried enough to be looking for ways to hedge the expected rise in volatility.
Joe Bell, senior equity analyst at Schaeffer's Investment Research, said investors have been stocking up on call options for the VIX, which are derivative contracts designed to pay off when the index rises.
"Yes, volatility is low," he said. "But it's not like no one is talking about how volatility is low -- and they're buying hedges."
Last week, the Dow Jones Industrial Average and the S&P 500 both hit fresh record highs after solid economic news on the jobs front and further stimulus measures from the European Central Bank.
The Dow is a mere 75 points from breaking the 17,000 level. It crossed the 16,000 marker late last year.