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ETF Midweek Peek: Extended Melt Up & Hard Selloff

This week's report comes at a fulcrum of an over extended melt up and a hard selloff. Bernanke's statements (Fed minutes) of not initiating a QE3 imminently, was devastating news to the bulls salivating over the prospect of "free money". With the end-of-quarter fees made by fund managers and the monthly IRA contribution in the market on Monday, there was little hope for a catalyst to sustain this historic run up.

Market moves like this can actually be a good thing. In essence, Bernanke pulled back the curtain to expose reality in the market. A financial Darwinism takes place and the weakest are the hardest hit. Many of these were issues getting a free ride on AAPL's parabolic move (two indices I refer to as the S&P499 and the Nasdaq 99).

Top Performers This Week

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Stocks: NUGT, GAZ, UVXY, XLP, EWM