Market ETF's started strong this week thanks to better than expected earnings releases and strong oil performance. The S&P 500 ETF (SPY  ), which has been in a trading range for a week, added almost 1% so far this week. The popular ETF is up almost 2% for 2016 now after the 10+ percent decline in January. The Nasdaq 100 (QQQ  ) ETF hasn't been able to get back to positive for the year but is just barely lagging. With only 1.5% to go, it seems likely that it will get to even barring any major surprises from earnings reports.Are the financials joining the rally?

The financial sector (XLF  ) has gained attention this year as it has muted the market rally. Still down 5% for the year the financial ETF seems to be gaining strength. With positive earnings results from J.P. Morgan and Bank of America reporting on Thursday it seems that investors are comfortable adding risk in the sector. Technical traders remain cautious as XLF remains under the popular 200 day moving average.

Oil surges early in the week.

A strong rally in oil exploration ETF (XOP  ) attracted all types of investors this week. Technical traders flocked to the break of the downtrend with heavy volume pressure all week. Add to that the strong run up in oil and you have a recipe for a rally. Gaining almost 7% on Tuesday alone it's clear that the bulls have taken control in the short term and long term investors are happy to see some relief. Special Note: The Oil Fund ETF (USO  ) has also just broken above a technical resistance area and volume pressure is increasing.

Gold blasting off again.

After a brief pause the Gold Mining stocks (GDX  ) have blasted off once again to fresh 2016 highs. At this point the GDX tops the list as the best sector ETF, boasting a 60+ percent gain on the year. On the heels of a strong rally in Gold the miners have seen much relief from the struggles of the last few years. This type of excitement has the bulls tripping all over each other trying to enter this runaway train.

They cant all be winners.

After hitting a big resistance area a few weeks ago the Retail Sector ETF (XRT  ) has pulled back. Although there are many concerns from analysts about the upcoming earnings reports, it seems that bulls are taking their chances here in the short term. The popular ETF was able to recover from Mondays losses and has now turned positive on the week by about 1%.