If you were to look at the raw numbers you might think the markets have been fairly flat this week. The S&P 500 (SPY  ) is lower by 0.13% through Tuesday but don't let that fool you. The SPY had a wild, recovery day on Tuesday that will leave many curious about the strength going forward. Following news from North Korea the futures market sold off aggressively. The SPY opened Tuesday down over a half of a percent and, almost immediately began to rally back. By the end of the session the SPY had turned positive by 0.11%.

The Nasdaq 100 (QQQ  ) tells a similar story. An aggressive rally on Tuesday sent the QQQ back to the $143 area, where it has struggled to break above. Though the volume was a little less than average, many are optimistic about the bullish sentiment going forward in the short term.

Volatility (VXX  ), which would normally be lower on such a strong move, finished Tuesday higher by 1.21% indicating that not everyone was confident in the turnaround. Though the volatility product did finish near lows for the session, investors will be questioning this going forward.

In the wake of Hurricane Harvey the price of oil (USO  ) continues to slide. The concern here is the buildup of oil that is unable to be refined due to refinery closures in the Gulf Coast. Gas prices tend to increase $0.15 - $0.25 going into the Labor Day holiday, then retreat the week following. Many analysts are predicting that this year prices of gasoline will stay higher through September.

On an interesting note, the Financials (XLF  ) were unable to participate as much in the Tuesday turnaround. Many put the blame on the insurers as they are still calculating the damage toll that the hurricane will have on their bottom lines. With more flooding on the horizon insurers continue to hold back the sector.