Volatility has expanded recently with an increase in the average true range for daily, hourly, 5 minute, and 1 minute timeframes in the stock index futures. Does anybody think this represents the beginning of a new phase of market development? That is from 1998 - 2000 bull phase with good volatility. 2000- 2002 Bear market with big volatility. 2003 - present reduced volatility with a bull market. Is this a change at present or are we just putting in another shortterm bottom which has over the last few years been associated with a brief (2 - 3 week) increase in ranges and volatility? Thoughts anyone?