An empirical orthogonal function analysis is used to characterize daily variability in the boreal stratospheric polar vortex. The leading EOF modes consist of vertically coherent north-south dipoles in the zonal-mean zonal wind extending from the mid-stratosphere to the Earth's surface. The first mode represents intraseasonal variability in the polar vortex strength and is highly correlated with the stratospheric NAM. The second mode, referred to here as the Polar Annular Mode [PAM], represents intraseasonal variability in the latitudinal position of the polar vortex and is structurally and statistically distinct from NAM, with the former having a northward retracted spatial structure. Composite analyses of the respective PC time series indicate that PAM events are relatively short-lived [1-2 weeks] compared to their NAM counterparts. We further find that the evolution of sudden stratospheric warming events is dominated by NAM variability whereas NAM and PAM play approximately equal roles in stratospheric final warming events. Finally, regression analyses reveal that the PAM is associated with circumpolar circulation and temperature anomalies within the high latitude troposphere. It is concluded that PAM represents a previously unrecognized intraseasonal annular mode that is orthogonal to the NAM and strongly couples the stratosphere and troposphere on submonthly time scales at mid to high latitudes