Dion's Thursday ETF Winners and and Losers

NEW YORK (TheStreet) -- Welcome to Don Dion's "ETF Winners and Losers." Be sure to stop by throughout the week to find out which ETFs are gaining or losing.

Winners

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN (GAZ) 4.5%

Watching GAZ's action, investors may think that natural gas is on a tear. In actuality, the ETN's standout performance can be attributed to its more than 110% premium. The United States Natural Gas Fund (UNG), which boasts no premium, is up less than 1% heading into the close.

iShares Dow Jones Transportation Average Index Fund (IYT) 3.5%

It has lagged throughout much of the year, but the transportation ETF appears to be seeing some stirrings of life. If this standout action persists, Dow theorists will be pleased since the transports' divergence from the industrials has stood out as a frustrating quality throughout this early-year rally.

Market Vectors Vietnam ETF (VNM) 2.9%

After three days of losses, the Vietnam ETF has regained some lost ground. Elsewhere in Asia, the markets are seeing tepid action. The iShares FTSE China 25 Index Fund (FXI), the Market Vectors Indonesia ETF (IDX), and the iShares MSCI Taiwan Index Fund (EWT) are each up less than 1%.

Losers

Market Vectors India Small Cap ETF (SCIF) -1.5%

The small-cap India ETF has enjoyed a strong start to 2012. However, as the year progresses, we are beginning to see signs of a strain. Since falling from its year-to-date highs, it has struggled to break back above its 200-day moving average. It will be interesting to see if this level continues to hold up as a point of resistance.

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