The markets started this week in a hurry to try and erase last week's gain. The S&P 500 (SPY  ) has had three winning days in a row now, with Monday being the most exciting of days. As wide as the range is, for now the SPY seems to be settling into the $260 to $270 area, and many think that we are settling down from here.

The Nasdaq 100 (QQQ  ) has also been working its way higher for the last three days. The volatility of the moves has slowed dramatically, which many believe indicates that the QQQ is settling in to the new range for a while.

Metals and Mining stocks (XME  ) has been a standout sector this week so far. The XME is higher by more than 4% in just the first few days of the week. The recent pullback that started in January has attracted investors to move some money into the space. For now the long term trend remains intact.

Oil and Oil Service stocks have remained near their lows so far this week. The SPDR S&P Oil & Gas Explore & Prod. (XOP  ) and VanEck Vectors Oil Services (OIH  ) have pulled back over recent weeks due to weak oil prices. For now traders have not yet been convinced that the price of oil is ready to rebound.

Lastly, volatility (VXX  ) has been rather muted this week, though holding near recent highs. In moves past we would see the VXX pop higher for a day or two and then retreat to lows. This time around the VXX has pushed to highs, but as the market has calmed, the VXX has remained near those highs. Many investors are just not willing to take off their portfolio hedge.