So far it has been a record week for the markets and ETF's. The S&P 500 (SPY  ) made new, record highs each day this week so far. Between Monday's gap higher, and Tuesday's continued move the SPY is higher by around 1.5% for the week with little in the way of selling pressure. For the year the SPY has locked in over a 12% gain.

The Nasdaq 100 (QQQ  ) hasn't quite moved to new highs but has still had an impressive week so far. The QQQ is sitting just off all time highs and shows a similar 1.5% gain on the week so far. Investors continue to ride the trend higher and higher, with little concern on down days. This year the QQQ is higher by 24%.

Oil and Gas Explorers (XOP  ) have also had a strong week so far. Tuesday the ETF added 2.19%, pushing it back to last week's highs. The XOP has remained in a steady downtrend and continues to sell off every time it tries to break out of the trend. Though this week has started off strong, for now the bears remain in control overall.

Home builders (XHB  ) have moved to new highs this week after spending the summer in a trading range. The recent dip has been bought up by the bulls, and this week alone the XHB is higher by almost 2%. For the year home builders are higher by over 15% though the trend has not been as consistent as other sectors of the market.

Lastly we have retail (XRT  ). The retail sector has continued its rally from the past few weeks and now seems to be headed back to prior highs. This week so far the XRT is up over 2%, adding to last week's 2.5% gain. Retail stocks have been under pressure so there is no doubt that the retail bulls welcome this rally.