I have been feeling a little dizzy lately. At least I know what to tell the doc now.

Seriously though, I think as ETFs continue to proliferate and overtake the mutual fund industry, intraday volatility will be continue to be higher than ever before in the past. Simply because you and I can now move our $$ around from sector to sector just as easily as a hedge fund.

I think the individual is running for the sidelines and this leaves the program taders from the big investment houses to game the markets. The houses set up whichever way and then hit the program

My experience is that, in general, moves like this tend to coincide with intermediate to longer term bottoms in the market. You've got a lot of weaker portfolio managers that are under pressure to eliminate, or at least rebalance some of the "obvious" risk in their portfolios because of internal and/or external pressure.

This resulting process of weak hands transferring positions to strong hands (and the relatively large size of the positions) tends to dramatically magnify short term swings, especially during periods when you've got a lot of guys moving big positions in individual names.