After hitting all time highs yet again last week, the markets have struggled to find any reason to head higher. It may be that buyers are waiting for a pullback, but it could also be the lack of news for traders to trade on. The bulk of the news comes later in the week which has left the S&P 500 (SPY  ) trendless so far this week. Though no one can argue the strength of the overall up trend recently, so far this week we are just holding near the highs.

The Nasdaq 100 (QQQ  ) is not anywhere near the same position. It is quite stronger than the other markets. The QQQ has hit a new high each day so far this week and remains in a vertical, up trending pattern. Though May is just beginning the QQQ is already up over 1.5%. Tech in general has been supporting this market recently. The QQQ boasts almost a 17% gain so far this year.

With little activity, or more importantly, little fear in the markets the Volatility (VXX  ) products have found themselves at new, 15 year lows. This slow drift lower has no end in sight really until there is some legitimate reason for fear. As of now with the markets headed higher and higher in this slow and steady fashion there is just no need for the volatility products.

Lastly, we'll highlight the Emerging Markets (EEM  ) which made a new high on Tuesday this week. Since the beginning of the year the EEM has managed a nice and steady up trend with gains of over 16%. Unlike the Nasdaq the EEM has offered opportunity for all investors. Whether you are the type to buy dips or buy highs the EEM has been volatile enough for all to participate. Technical traders note the next resistance area in the $44 area.