Stocks are at record highs, the VIX is at a 10-year low, and while investors are relieved the French presidency did not go to an anti-euro candidate, new risks are filling the void.
Topping the list of market worries is China, which has been on the back burner for months now. Some weaker-than-expected data, however, has put a spotlight on the country's economy.
"I'm more concerned about the risks stemming from a China slowdown," said Jeff Kleintop, Charles Schwab chief global investment strategist.
Commodities have sold off on concerns. Copper was down about 3 percent last week amid concerns about China, and off another 1.4 percent Monday. It was steadier on Tuesday.
"Some of this might be some warning signs that China could be the next thing that would throw the market a curve ball," he said. If the Chinese economy loses so much steam that its currency weakens a lot, and commodities continue to sell off, it could be a negative for other markets
"The government has slowed down on infrastructure spending, thinking private sector spending would pick up and offset it. I'm just worried rising interest rates, tighter conditions and some new down payment requirements could nip that in the bud," Kleintop said.
China President Xi Jinping is expected to consolidate his power later this year at the party congress in November. "Now that the political hatches are battened down, the main risks in the world today are still deflation, not inflation. A significant slowdown in China could be deflationary," said Paul Christopher, chief international investment strategist at Wells Fargo Investment Institute.
Christopher added, however, that China has responded to signs of weakness and market sell offs, as in August 2015, by easing credit and stepping back from reform, when necessary.
"For a long time, China was a high impact, low probability. Now the near term risk of a slowdown has a higher probability but probably a lower impact," he said. "Slowdown does not mean financial disruption."