The Russell 2000 has no doubt seen an uptick in volatility in the last several weeks, but today took the cake. From the intraday low at right around 12:30 to the intraday high three hours later, the small cap index traded in a range of over 5%. That’s the largest intraday range since November 2011! With today’s wide range, the Russell 2000 has now seen an average daily range of 2.22% over the last 20 trading days, which is the highest average intraday range since the early days of 2012. While that’s a big increase relative to recent levels, it is nowhere near the highs we have seen in prior periods of heightened volatility over the last decade. In the depths of the financial crisis, for example, the index saw an average intraday range of 7.7% over the four-week period ending 10/29/08, and on 17 of those 20 days, the daily intraday range was more than today’s intraday range. Now, that’s volatility!