The markets have started with another record setting week so far as earnings continues to be the driving force behind this recent strength. Earnings season so far has leaned bullish which has caused the S&P 500 (SPY  ) to pop up to new, record highs. While this week is a busy week for earnings in the S&P it is also when the Federal Reserve will be making its interest rate decision. So far investors remain confident and continue to put money to work. The SPY is now higher by over 10% on the year.

The Nasdaq 100 (QQQ  ) is telling a similar story, though one could make the argument that it is still stronger. In just the last 18 days the QQQ has moved in a straight line higher, adding over 6% to its gains on the year while the SPY has moved just under 3% in that same time period. The QQQ has also popped to new, record highs this week adding to its impressive, 22% move this year.

Oil (USO  ) has had a bullish week so far with most of the excitement coming on Tuesday. The price of oil enjoyed a 3% pop which sent oil, and oil related ETF's higher. Though many of these sub sectors are still trading near, or just off their lows this move gives attention to the sector for now and makes many consider shifting some money over. Analysts will be cautious to adjust any outlooks though as oil is still in abundance and lower by over 10% this year.

Lastly, Emerging Markets (EEM  ) ETF's have continued their strength after the recent breakout. After the explosive breakout just two weeks ago the EEM is holding at highest with very little selling pressure. Many considered the breakout to be weaker than normal due to the average volume on the move, but it seems that the "Average" bulls are still in control. The EEM, which is normally a "slow and steady" ETF, is now higher by over 25% on the year.