Markets have started a but weak so far taking the popular ETF's along for the ride. An early rally ahead of the Fed minutes has helped to shave some of the losses but major markets still remain lower for the week. The S&P 500 ETF (SPY  ) is down a fraction of a percent for the week but remains near short 2016 highs. The Nasdaq 100 ETF (QQQ  ) however has been able to turn positive following Monday and Tuesday's decline. The Russell 2000 (IWM  ) remains the clear laggard as it is still down over 1% for the week, as well as -2% for the year so far.One of the better performers so far has been the bio-tech sector (IBB  ). A Wednesday breakout of 4.5% has added to the weeks gains. The IBB has been an under performer but is grabbing headlines due to the strength this week.

In the commodity space Oil is demanding the attention of short term traders and investors trying to pick their long term entry spot. The U.S. Oil fund (USO  ) spiked higher by 5% Wednesday following a bounce in oil. This puts it into positive territory for the week and once again has traders wondering if this is a sign of a bottom.

In Gold, the bulls seem to be responding to the recent pullback, betting on a potential new opportunity to hop on the trend. Having gained over 15% so far this year its easy to see why the bulls are eager to jump on board. Shares of the popular ETF (GLD  ) remain just a few percent off their 2016 highs with many analysts predicting that new highs will be seen as we approach the summer.

Lastly the Health Care ETF (XLV  ) broke to new short term highs Wednesday as traders have been noting the slow and steady up trend over the past few months. Although it is still down around 3% for the year, many names held within the ETF are showing some strong buying pressure.