This week has been quite different for the markets as Monday and Tuesday went on record as the worst two days in over a year. The S&P 500 (SPY  ) has pulled back from highs as technical traders realize the short term power trend is over for the time being. Though the first few days of the week have been in the red, the SPY is still higher by 5% on the year.

The Nasdaq 100 (QQQ  ) finds itself in a similar position though more supported thanks to some of the tech names that have bucked the markets trend this week. The QQQ is still in the lead for the year, showing over an 8% gain.

Oil (USO  ) and Oil exploration (XOP  ) stocks have been week so far as the price of oil comes off it's highs as well. The XOP has now slid over 4% this week which adds to the declines seen late last week. Technical traders have been eying the $37 area as a potential support location so we will see if this decline still has them excited to get in.

Metals and Mining (XME  ) stocks have also pulled back off highs. This sector ETF has had an amazing run since Thanksgiving, bouncing over 25% since marking the most recent low. While the declines have been rather sharp this week, it's still a small loss in comparison to the bullish run the space has had.

Volatility (VXX  ) as you can imagine has had quite a move as well. The VXX has had it's best multi-day move since last August as traders look to hedge their bullish positions. The VXX has spent quite a while in a downtrend and it's way too early to tell if this week's pop will continue in the long term. For now it seems most are simply hedging with the product.