Don Dion's Weekly ETF Winners and Losers

The past week was reminiscent of the autumn of 2008. Last year, the only place to hide was in shorts, yen, dollars and government debt, and this week was mostly the same.

The S&P 500 fell 4% for the week, and there were very few long ETFs in positive territory. Gainers were dominated by inverse ETFs, and long funds with gains were scarce due to weakness in government debt that hurt the weekly return, even though Treasuries did perform well on the big down days.

On the other end of things, some long ETFs managed to deliver losses that exceeded those of leveraged ETFs.

The market doesn't need a reason to sell off. Last week, the market behaved very poorly based on one analyst's comments about Wells Fargo(WFC). Headlines blamed the losses on poor consumer numbers.

With that in mind, here are last week's winners and losers.

Winners

ProShares Ultra Short Russell 2000(TWM) +13.0%

On Oct. 1 and again on Oct. 22, I mentioned that the Russell 2000 Index was one of the poorer-performing indexes and that bears who were looking for something to buy should consider TWM.

I advised readers of my RealMoney blog to cover ahead of the GDP report. That was good for one day, but the Friday gains erased Thursday's losses and left TWM above its Wednesday close.

Still, the Russell 2000 remains a good broad index for the bears to target. Conversely, the Dow Jones Industrial Average has been relatively strong.

CurrencyShares Japanese Yen(FXY) +2.3%
PowerShares DB U.S. Dollar Bullish(UUP) +1.2%