There doesn’t not seem to be any market memory from one day to the other.

Each trading hour has a different focus and direction. It’s as if traders suffer from Alzheimer’s when it comes to direction.

Monday gold was up over $20 an ounce, Tuesday selling off slightly after being hit over the last three weeks. The $20 run up was the aberration.

Equities have large swings intraday on little news. Yet the VIX is hovering around 13 showing volatility is a non-factor.

A rate rise from the Fed can’t be a driving factor, looking out six months rates should be where they are now with no rise until 2016 at best.

The 10-year rising to 1.92% seems high as we  are set to get a GDP number that starts with a zero as in o.2% annualize rate.

Directionality appears to be as fickle, but when more than 50% of volume is generated by high frequency trading algorithms, this is the market reaction you get.

So market memory is what happen a nanosecond ago and not what yesterday’s momentum stock was.