With just a few bumps along the way, it has been a great ride for stocks this year and the good times continued last week with S&P 500 notching another record close.
When it is the the S&P 500's largest sector weight that is causing the problems, there might be reasons to be concerned.
Stocks deserve some credit for another weekly advance, especially after Federal Reserve Chairman Ben Bernanke made clear that Fed tapering will commence sometime this year with an eye toward ending quantitative easing sometime next year.
With no major scheduled events out of the Fed looming this week, market participants will be focused on earnings and there is an avalanche of them. Eight Dow components step into the earnings confessional this week and the tally for the S&P 500 is 157 members delivering results. That puts plenty of ETFs, including the following, in focus.
Schlumberger (SLB), the world's largest oilfield services company and 21.3 percent of OIH's weight, got the ball rolling last Friday. This week it is Halliburton (HAL), National Oilwell Varco (NOV) and Cameron International (CAM) that are slated to deliver results. That trio represents another 20 percent of OIH's weight. Alternative play: The iShares U.S. Oil Equipment & Services ETF (IEZ).
PowerShares NASDAQ Internet Portfolio (PNQI) Another big week looms for one of the best little ETFs you have never heard of. The PowerShares NASDAQ Internet Portfolio was able to shake off disappointments from eBay (EBAY) and Google to notch a small weekly gain last week.
This week could be make or break time for this high-flying fund. Up 23 percent year-to-date with a P/E ratio of 31, befitting of some of its components, PNQI will be under the earnings microscope as Netflix (NFLX), Facebook (FB) and Amazon (AMZN) all report.
Amazon and Facebook are PNQI's largest and third-largest holdings respectively with Netflix placing sixth. Combined, that is 19.5 percent of PNQI's weight.
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