SPY: The weekly is the same chart from yesterday since nothing much changed.

MDY & IWM: Small Caps show the same chart posted yesterday. Is this just laziness? No, it’s convenient!

QQQQ & AAPL: It’s all Apple, all the time. Is there something else in tech land?

IGV, ORCL, HPQ & SMH: These were the players so far this week—the good, the bad, the ugly.

XLB: Materials are moving higher helped by overall run in base metals and so forth.

XLF & GS: It looks like GS will unload their prop desk to KKR. They’ll arrange the financing as well probably. Then if you’re working on the trading desks do you move to some entity created by KKR with a little help from their friends in high places with registrations? It’s hard to imagine them giving it all up but there it is.

XLY & XRT: I must say, these two ETFs are quite misleading in their structure. It’s not an intuitive arrangement of TGT, WMT and COST types of constituents.

XLI: Industrials are propped higher on light volume and hopes things will improve. Ready for GM?

IYR: The quest and panic for yield.

IYT & FDX: A lift today from FDX where cost cutting measures are taking hold despite destruction of employee morale.

XLU: One of the beneficiaries of the retail quest for safety and dividends.

IEF, TLT & TIP: Everybody and his cousin is trying to fade (short) bonds but thus far it’s been a graveyard for those that try.

$USD/DXY: Uncle Buck is just stuck as the day to day nonsense from the euro zone is pretty ridiculous.

FXE & FXY: The BOJ is unhappy with the strong yen and they’re really gonna do something about it…really!

GLD & SLV: Gold is struggling to breakout above obvious resistance. Silver on the other hand has already made the break but can it hold and go higher? I don’t know, I just draw funny little line.

DBC: It’s really still in the trading range going back over one year. With a 50% weighting in energy as it goes so goes DBC.

$WTIC, XLE & BP: Crude oil prices got a lift today and BP was spreading the blame as far as the previous slick extended.

DBB & JJC: Base metals are rising and the demand must be coming from Asia.

XME: The rise here makes perfect sense given the rise overall in metals and a tame stock market.

DBA & JJG: Overall the sector was getting overbought and at resistance. Perhaps the rally is due for a break and Canada’s crop report showed the way.

MOO: Ag prices higher overall as are stock markets the past week. Why should MOO be left out of the fun?

EFA: EAFE index is also locked in the trading range as most don’t quite know what the true nature of bank financial conditions are.

EEM: Again, many EM’s within the index really belong in the developed sector.

EWJ: Japan market is producing little economic growth like other developed markets. Let’s just say it’s been boring and unprofitable the past year.

EWA: Aussie market rallies with commodities as will Canada, Brazil and Russia.

EWC: But, I repeat myself—commodity markets give it a boost.

EWZ: Another market stuck in a one year trading range.

RSX: Another market with almost a year in a trading range albeit with more volatility.

EPI: Finally we break above $24. The major index in India achieved a new high last night.

FXI & HAO: Chinese shares faltered overnight as investors fretted about another round of tightening to dampen housing. Meanwhile small caps and the new consumer ETF from GlobalX are outperforming perhaps showing the real strength underneath the market.

The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.