A Century of Volatility Quantified, concentrated in the 1987 Crash & the troughing wave of Supercycle (II) from 1929 to 1932 contains 4 of the 5 highest volatility Spikes - of the same magnitude as the current Supercycle (IV), magnified by Programmed Trading, which account for 70% of market volume, analogous to 1987's Volatility Insurance, which exacerbated the free-fall.