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David Bowers says it is the "second derivative" that often drives markets - not the change, but the change in the rate of change. 

“We often project our current feelings out indefinitely—and experience what I think of as the second derivative of those feelings. We feel anxious—and then we feel anxious that we’re anxious. We feel sad—and then we feel sad that we’re sad. Instead, we should accept our feelings—but recognize that they will not last forever.”

It is quite possible that the lingering effects of central bank liquidity will not be felt as a primary cause of higher volatility but rather a second derivative premised upon some otherwise routine market upheaval.

However, even a stable second derivative could attach to a positive first derivative, which itself represents the very essence of momentum.

"Inflation at least for the time being is the second derivative, the focus is on growth and they are trying to avoid the economy slipping into a severe recession, maybe due to a credit crunch," ING's Brzeski said.