In a week where over 33% of the S&P 500 reports earnings, the markets are chopping inside of a sideways range. While it is normal to see this sort of disconnect during the heavy portion of earnings season, it leaves most of the major market ETF's range bound and uneventful.

The S&P 500 ETF (SPY  ) has been nothing but strong since the Brexit debacle. Seemingly every day it sits or hits new all time highs with no sign of weakness at all. While short term traders continue to suggest the market is extended, the market could care less.

The Nasdaq 100 (QQQ  ) can make the same claims to new high fame. Since the brexit lows the QQQ is up over 11% and with the strong response to Apple (AAPL  ) earnings it looks as though there is no stopping the Nasdaq 100 for now.

Now we move on to the gold mining (GDX  ) space. After a rally of over 115% the gold miners have found some profit takers in the short term. Traders would agree that this pullback seems harmful at the moment and much needed. Part of the reason for the recent decline in the miners has been the pullback in Gold (GLD  ). For over 2 weeks now gold hasn't been able to find support and continues to finds more and more sellers.

The dollar (UUP  ) has been on a tear since the brexit lows thus holding back gold. Many would argue that volume has been light though suggesting a possible pause to this recent rally.

Bonds (TLT  ) and Volatility (VXX  ) have been a short term traders worst nightmare lately as a lack of fear in the markets have weighed on them. Bonds are down 3.35% from their highs and the VIX makes new lows every day the markets remain at these highs. 

For now earnings are dictating the markets moves and there seems to be no such thing as bad news. Beware though as this will pass and when it does there will be many longs looking to take their profits.