Has anyone noticed y/y for now versus the same time this yr last, this is a MUCH MUCH more volatile time. 2%-3% moves not being unheard of. Any ideas -fundamentally- why? Is it the advent of portfolio margin? Anyone have create explanations? or is volatility always higher when markets are trading out of ranges ? (ie ... we are pushing new highs in ES, dow, etc) Interesting that ES volatility seems to exceed NQ (nasdaq 100), on a percentage basis, lately. Or at least ES volatility has blown up while NQ volatility has remained relatively unchanged. Whats different about the US markets in 07 versus 06, guys?