The markets remain near highs of the year as investors have found no reason to sell any short term positions. The S&P 500 (NYSE: SPY) is currently higher by about 6% but for the last few weeks has remained in a tight trading range just above the 50 day moving average.
The Nasdaq 100 (NASDAQ: QQQ) is also up about 6% with a very similar trading pattern. As investors digest the recent earnings of Apple (NASDAQ: AAPL) and other tech names, there seems to be no hurry by investors to make a decision one way or the other.
Tech (NYSE: XLK) got a boost on Wednesday following Apple's earnings report. The sector started the day higher by about 1.5% following the earnings beat. For the week the XLK is slightly positive and remains near it's multi-week high.
Oil (NYSE: USO) has had a good week so far thanks to a multi-week increase in the U.S. stockpiles along with news out of Saudi Arabia that they would further cut production under their voluntary cap. Wednesday Crude Oil poked above the $54 area which has been a known resistance point.
REIT's (NYSE: ICF) continue to be on a rapid bullish run, nearing 52 week highs. Since hitting a low back in December the sector has seen the fastest recovery of all areas of the market. Just this week so far it has already ran up over 3%.
Overall this week so far has seen investors responding favorably to good news and shrugging off the bad news. Many names have reported earnings that came in just under expectations but shares have been moving higher despite this.