ETF's bounce back on earnings support.

It's been a strong start to the week for the markets and ETF's. The S&P 500 (NYSE: SPY) has started with almost a 2% pop on the week despite many investors' concerns that the markets would suffer due to the Syrian bombings by the US and other countries. The SPY and the rest of the major indices have been focused on earnings which have been rather exceptional. Though this is just the start of earnings season, so far the companies inside the SPY have responded mostly favorably.

The Nasdaq 100 (NASDAQ: QQQ) has been a little stronger this week thanks to positive earnings results from some of the big technology names. Stocks like Netflix (NASDAQ: NFLX) which soared on earnings pulled the QQQ higher and there are many more names in the index that still have to report. Increased volatility is to be expected through the duration of the season.

Metals and Mining (NYSE: XME) stocks continue to move off the 200 day moving average. This week the sector has added about 2% more to it's two week rally. Technical traders note the break of the downtrend resistance as a new starting point for the bulls to jump in. Since bouncing off the 200 day moving average the XME has gained over 8%.

Consumer discretionary (NYSE: XLY) has enjoyed a nice start to the week mostly thanks to Netflix (NASDAQ: NFLX) and their strong earnings results. The XLY has been under pressure lately as investors remain cautious about the overall economy. So far, earnings reports have shown strength in the consumer and their discretionary spending.

Lastly, Oil explorers (NYSE: XOP) have continued their rally this week, adding another 1.5%. Last week the energy space broke out of some technical resistance and has not looked back since. Since that breakout the XOP has added another 6% to it's 3 month gains.