Dion's Weekly ETF Winners and Losers

NEW YORK (TheStreet) -- Here's a look at my ETF winners and losers for the week.

Winners

iShares FTSE/NAREIT Industrial/Office (FIO Quote) +19.0%

iShares Cohen & Steers Realty Majors(ICF Quote) +17.8%

iShares FTSE EPRA/NAREIT North America(IFNA Quote) +16.0%

SPDR DJ Real Estate(RWR Quote) +17.1%

iShares DJ U.S. Real Estate (IYR Quote) +15.6%

Vanguard REIT(VNQ Quote) +16.8%

SPDR KBW Bank(KBE Quote) +12.1%

iShares DJ U.S. Financial Services(IYG Quote) +10.0%

Vanguard Financials(VFH Quote) +10.1%

iShares DJ U.S. Regional Banks(IAT Quote) +10.8%

A violent rally in the riskiest ETFs left the REIT and financial sectors much higher this week. With no apparent catalyst except for short-covering, it's far from certain that this rally can last, but it would be bullish for the overall market if it continued into next week. AIG(AIG Quote) was the poster-child for this week's rally -- it gained more than 100%.

ProShares UltraShort 20+ Year Treasury(TBT Quote) +8.6%

Treasuries trended lower as the stock market rallied this week. Also, better employment numbers on Friday caused a sell-off in bonds.

Losers

iShares Barclays 20+ Year Treasury(TLT Quote) -4.6%

The flip side of the gains in TBT is losses in TLT. Economically, the bonds to watch are the 10-year notes, which correlate to mortgage interest rates. Rates are now approaching the June highs that triggered a month long pullback in the stock market.

Claymore/AlphaShares China Real Estate (TAO Quote) -5.8%

China Construction Bank said it would reduce lending by 70% in the second half of the year. Liquidity fueled twin bubbles in property and equity in China, and without it, prices will trend sideways or down.

CurrencyShares Japanese Yen(FXY Quote) -3.0%

The dollar rallied along with the stock market on Friday -- something that does not happen often. Japanese yen behaved as expected and moved inversely to the S&P 500 Index. The uncharacteristic divergence caused the FXY to drop more than 2% Friday.

-- Written by Don Dion in Williamstown, Mass.

1 What would best describe your stance heading into the coming week of trading? Bullish Bearish Neutral 2 Which of these sectors do you think is set to move up in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities 3 Which of these sectors do you think is set to move down in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities View the results without voting