This switching behavior has been the market characterization for the last nine months. We have an underlying trend which is stock up, commodities generally up, bonds flat, and dollar down. But don't get too comfortable with this environment because there will be short-term reversals which clear out some of the opportunistic traders and provides continued risk. We are seeing this risk come back in the form of higher volatility.
This is the environment we are living in and there seems like there is little tat has changed this behavior.