The trends continue on the broad markets and their ETF counterparts this week. With little in the way of news so far there has been no reason for buyers to be attracted to these levels and the sellers have no reason to move at the moment. The S&P 500 (SPY  ) hit new, all time highs the first two days this week though volume was noticeably light. Many attribute this to the summer slowdown while others feel the rally is losing its power. Time will tell, but for now the SPY remains in strong uptrend, and up over 7% for the year.

The Nasdaq 100 (QQQ  ) is an absolute powerhouse again this week. Hitting new highs for the first two days of the week with increasing volume each day it seems that the bulls are completely committed to chasing as high as need be to participate in this uptrend. A truly remarkable rally this year so far for the Nasdaq 100 puts the QQQ up almost 18% on the year. One has to question how aggressive the bulls will be in taking their profit when there is a reason to do so.

With all this strength the Volatility products (VXX  ) are getting sold at a rapid level. So far this week the VXX has made new lows each day as there has been no reason for anyone to fear this market or economy. Even the bad news sends the VXX lower. What is usually seen as a hedging product has turned into a long term hold for many investors. Many are calling for a reverse split soon so if you own these products be on the lookout.

Lastly, retail (XRT  ) continues to get smacked this week, following on its losses from last week. So far this week the XRT is lower by another 1%. Since hitting a high on May 10th the XRT is lower by over 5% and many technical traders will now find the ETF a bit oversold in the short term. Retail has had a rough year so far but even with all the bad news and financials the XRT is only lower by 6%.