It has been quite the week already and we're only half way through it. The S&P 500 (SPY  ) saw the worst one day drop in history followed by one of the best days ever in what has been a very volatile first few days of trade. The SPY spent the first day of the week trading down to lows that erased the years gains. The next day sent the SPY back up into the positive for the year. For now many expect the volatility to continue into this Friday when the Government will likely wait to decide the fate of their debt ceiling.

The Nasdaq 100 (QQQ  ) traded in a very similar fashion, though it has held on to more of it's gains for the year. It continues to outperform but many think the volatility will persist here as well.

Home builders (XHB  ) have had one of the more aggressive declines out of the markets and continued that this week. The XHB has been trending lower since hitting a high last month. As of now the space is just above correction territory with losses around 10%.

Retail (XRT  ) was also hit pretty hard and has been lower since making a high back in January. The XRT recovered quite nicely on Tuesday though showing gains of almost 3%. This nearly erased all of the losses on Monday. For now the uptrend is confidently broken.

The Dow (DIA  ) was more of the headline though as it had it's worst day on record (points wise) Monday. The volatility seen here was a record as well. Tuesday it did try to recover most of the losses but still has another point to go.For the year now the DIA is hovering right at the flat line.

Lastly, we have Volatility (VXX  ). The move in this ETF is certainly one of record. With almost a 60% move to start the week, volatility was the major headline. Tuesday did see that calm a little, but many think there is still more to come.