Which certainly hasn't meant small ranges. No wonder the CME is raising the margin requirements on some of its products. The day has a certain feeling of randomness. Which is odd, because it has become clearly directional.

Equities are up big. Crude is leaping. Bond yields have been moving up. And doing it with gusto. Ten-year Treasury yields opened higher, and then went another 10 basis points. Yet, as cash trading got underway in European government bonds, Treasuries found themselves exactly in the middle of the day's range, waiting for additional instructions. It seems that when each center opens, traders just aren't sure what the next group of investors is going to do with things. Or much of anything else, for that matter.