The markets have started the busy earnings week on a very positive note. In fact the S&P 500 (SPY  ) has hit new record highs as earnings continue to beat handily on expectations. Year to date the SPY is now higher by about 17%, sitting at record highs which is impressive considering the 20% decline which closed out the year last year.

The Nasdaq 100 (QQQ  ) can also say that it is at a new record high as well with similar performance to the S&P 500 this week. With big tech helping spur the rally in addition to a recovery in biotech the QQQ now sits at a healthy 23% gain this year alone.

Communication Services (XLC  ) continues to be a leader overall thanks in part to some of the larger names in the space. Facebook (FB  ) which has been steadily moving above the range set from January to March is part of the support. Facebook makes up about 20% of the sector. Netflix (NFLX  ) has also been a recent supporter of the sector as it's moved back towards the high end of it's 3 month range.

Oil (USO  ) has been a major focus for a number of reasons. First, on Monday the U.S. announced they would not extend the waiver program that allowed some countries to buy Iranian oil. After May 2nd anyone who continues to buy oil from Iran will be subject to sanctions by the U.S. Analysts have anticipated this will pull over 1 million barrels per day off the global supply which sent prices to new highs on the year. Oil is now higher by over 40% on the year.

Healthcare (XLV  ) has recovered somewhat after last weeks collapse. Investors have seen the waterfall drop as a short term, discounted opportunity. Comments from Democratic Presidential Candidate, Bernie Sanders continues to support his stance on expanding Medicare for all. The headline that has pulled the sector down.

Financials (XLF  ) have been quiet this week but remain at highs for the year. Following the bullish burst seen last week as many names in the sector reported earnings, the financials have been content to sit mostly idle at those highs.