Dion's Weekly ETF Winners and Losers

NEW YORK (TheStreet) -- A financial landmine in Dubai failed to derail an up week in the stock market, though it managed to erase nearly all of the gains. SPDR S&P 500(SPY Quote) advanced 0.1% on the week.

Dubai may be the clearest example of the global financial bubble of the past decade. The city built artificial islands in the sea, in addition to beginning construction on the world's tallest building. Plans were in the works for even grander developments, but the financial crisis put an end to most of them and halted construction of the record breaking skyscraper.

Dubai still has debtors' prison, so when the crisis hit last year, many foreigners underwater on their mortgages flew the coop and abandoned their luxury cars at the airport.

The mess is finally coming to a head as the bonds for developments such as the Palm Islands come due. Dubai asked that the debt be restructured, but the fear is that it will result in a sovereign debt default. Bank of America(BAC Quote) said such an result could not be ruled out, while a UBS analyst speculated that there may be off balance sheet liabilities.

Whether it blows up into a full fledged debt crisis or remains contained, the news was enough to shake the markets this week.

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

Winners

U.S. Natural Gas(UNG Quote) +9.3%

iPath Natural Gas ETN(GAZ Quote) +7.0%

Storage remains a huge issue for natural gas prices, but it didn't stop them from rebounding. UNG bounced sharply off a new all-time low and may be repeating a similar advance to the one seen in early September.