After last Thursday's selloff in the broad markets we have already come all the way back to erase those losses. Granted the move was only around 1.5% lower, but it still shows how quickly investors are to jump back in the markets. This year so far the S&P 500 (SPY  ) has had only 4 days with a 1% move or greater and half have been red. This type of lower volatility breeds complacency and when investors get complacent they tend to overreact to negative moves in the markets.

The SPY so far this week has been nothing but higher. With only $0.60 to go it seems likely that the bulls will get to see new highs barring any bad news. For the year the SPY is up over 7.5% and remains in a steady uptrend.

The Nasdaq 100 (QQQ  ) is still the dominant market at the moment, and this week is no exception. Trading near all time highs as well, the QQQ is just adding a little bit more to its 17.5% rally on the year. Until there is any selling pressure in the big names its likely the QQQ's remain in this steady uptrend.

The retail (XRT  ) sector is once again trading near lows. Hovering just a few pennies off the yearly lows it seems that the sector still remains out of favor. The news out of some of the individual names in the ETF remains bleak leaving little for anyone to do but sell. Technical traders note the support here at $40.50. If broken the next area traders will look at for possible support is $39.50. For the year the XRT is down over 8%.

Lastly, after a rough week last week the dollar (UUP  ) has started this week with a little, counter trend bounce. The dollar has suffered recently which has left it in an over extended downtrend. This extension has caused some to place their bets that there may be a short term bottom here. For the year the dollar is still lower by over 5%