>The shortest scale forcing that I see is the 28 month average QBO period. The
I see this short term memory in US stock market for similar forecasts I issued here. And there is no periodicity in stocks prices though!
I give you an example: A waiter memorizes the location and orders and complaints of customers for past 1 hours or 2... cannot remember longer, maybe a specific situation here or there, but the detailed memory has short duration.
Given this memory of 2 hours, then the waiter could forecast what orders the customers might issue and what would be the income, these forecasts are not that bad in accuracy!
If you give the waiter the data for the customers for past 2 years, would not better his forecasts perhaps even misguide and misjudge the amounts.
I would then tell you that the neuronal circuits in his skull contain the memory, but what memorizes the short-term memory in El Nino forecasts?
For stock market, the memory stored in the public releases of information and the **swarming** data of the high frequency trading of machines and men, so I know where that memory comes from and what it is made from.