Earnings season has begun and if you weren't aware of this then the disconnect between the major indices should have offered you a clue. The Dow 30 (NYSE: DIA) has seen the most volatility as well as losses as of now due to earnings from Goldman Sachs (NYSE: GS) which pushed the index lower. The DIA is still higher on the year by almost 10% as every little dip continues to be met with swift buying from the bulls. Technical traders have zero concern about Tuesday's decline as the uptrend is still very much intact.
The S&P 500 (NYSE: SPY) has been plugging away this week so far, following up on its bullish week last week. While the SPY hasn't made a new record high yet, earnings on the major S&P stocks are just getting started so any good news on that front should be helpful. Even with news of a failed "Trump care" bill the SPY continues to be up close to 10% on the year.
Speaking of healthcare (NYSE: XLV) that space has been rather muted despite the news that the White House would be moving on from their push to repeal Obama care. While the XLV is currently lower on the week, the trend is to the upside and still remains intact. Don't think the excitement is over for healthcare though. There is talk that the administration will be moving on to tax reform and try to work some healthcare into that bill.
Lastly we'll talk about another record setting ETF, only this is a new record low. Volatility (NYSE: VXX) continues to drift lower and lower on slightly higher than average volume. While other volatility ETF's have recently reverse split, the VXX has not yet, but with absolutely zero fear in the marketplace, for now, lower is the only direction for this product.