Bull and bear markets were good fun while they lasted, and in retrospect, they were pretty nice and predictable, but the world has moved on.

Now, we need an animal that's more... hoppy.

The issue is that markets are bouncing around on various mood swings much more frequently than they used to.

It's a humbling experience for those trying to predict what's going to happen next, or worse, manage other people's money.

As a quick look at macro hedge fund performance this year shows,

Citigroup's currencies analysts say they've been repeatedly stopped out of their trade ideas this year,

a common experience, they describe, as very frustrating.

So try and figure out why it's happening,

they've sifted through the data and found that the time it takes for mini-trends in major currencies to play out has shrunk a lot,

from around a month up to the end of 2014 to just a week now.

To wit, they calculate that if you sell the top two major currencies and buy the bottom two every Friday and do nothing for just a week,

you'd have made returns of just under 5% so far this year.

That's not to be sniffed at.

So forget all the spreadsheets and macro analysis and go and set your algos, right?

In stocks, Hermes' investment management says the bunny market phenomenon is alive and well with short term sentiment,

that flakiest of things apparently in control.

It may all be a warning sign it reckons that another bear market lies ahead,

but until that bear comes along to gobble the rabbit, stay nimble.