The markets seem to be entering the summertime doldrums so far this week as volume across the indices is rather light. The S&P 500 (SPY  ) continues to trade in a range near three week highs with very little in the way of news to push it one way or the other. For the year the SPY is still off it's all time high but slowly trying to push back towards it.

The Nasdaq 100 (QQQ  ) tells a slightly stronger story as the QQQ is closer to hitting highs. This week however, the index ETF has found lower volume and no real ambition to move higher as most of the news events are taking place in the retail space.

The Russell 2000 (IWM  ) continues to hit new highs. This week it has hit new highs twice already and is currently your strongest index. With company's reporting better than expected earnings thanks to the new tax laws, it seems that small cap stocks are still fully bullish.

The Financials (XLF  ) will be a headline going forward as congress is set to vote on easing the Volcker rule. Hints of the new, watered down version of the bill likely passing has sent financial stocks higher so far this week.

Homebuilders (XHB  ) continue to be a weak spot overall as higher costs for labor and supply hurt the sector. The sector ETF is lower by 12% this year so far and more news of increasing supply is only hurting the chances of a rally anytime soon.

Lastly, retail (XRT  ) has seen some weakness so far this week as a slew of earnings reports are hitting the street, leaving them disappointed. Missed earnings from retail names has put, and will likely continue to put pressure on the sensitive sector. For the week the XRT is lower by almost 2%.