The markets continue to enjoy solid gains in the short term taking the index ETF's along for the ride. Since the Trump win last Tuesday the markets have never looked back. The S&P 500 (SPY  ) is now up almost 3% for the month of November, and very near all time highs again. Traders can only find resistance at those prior highs for now, but its clear skies above it.

The Nasdaq 100 (NASDAQ; QQQ) on the other hand has suffered a little, and was briefly disconnected from the rest of the major indices. Still slightly negative on the month, it seems that the Nasdaq 100 has rejoined the group and is back to behaving with the team.

The most notable of the group by far is the Russell 2000 (IWM  ) which blasted off to new highs and has continued to make new highs almost every day since. For the month the IWM boasts the best overall gain, coming in at almost 8%. Option volume has been considerably heavy in the IWM as many option buyers have hit the "jackpot" if they were long calls. Many do consider the IWM to be quite extended in the short term, but there is no arguing the longer term trend.

Now for the bad news. The bonds continue to remain a weak area of the market. Over the past week the (TLT  ) has dropped over 6%. The extended move to new lows has not yet attracted the counter trend traders. As of now the bonds remain just off their lows of the year.

Gold (GLD  ) has suffered as well, though not quite as bad. With the strengthening dollar, the price of gold has fallen quite rapidly to new 4 month lows. Down over 2% for the month of November, trader do agree that the short term movement is likely a little over done, but it will be an uphill battle to recover if the dollar remains as strong.