Dion's Thursday ETF Winners & Losers

Gold miners are taking a back seat to titanium, platinum and palladium miners today.
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NEW YORK (TheStreet) -- Welcome to Don Dion's Daily ETF Winners and Losers. Be sure to stop by each day to get a feel of who's winning and who's losing when it comes to ETFs.

Winners

SPDR S&P Metals and Mining ETF

(XME) - Get Report

1.6%

Gold miners are taking a back seat to titanium, platinum, palladium and coal miners today.

Titanium Metals

(TIE)

, the No. 1 holding in XME, with 4.9% of assets, is up 4.5% today. Platinum and palladium miner

Stillwater Mining

(SWC)

accounts for nearly 4.8% of XME and it is up more than 1.5% percent today, while several coal miners such as

Walter Energy

(WLT)

,

Massey Energy

(MEE)

and

Cliffs Natural Resources

(CLF) - Get Report

are pulling the fund higher today.

PowerShares DB Base Metals ETF

(DBB) - Get Report

2.5%

Base metals sold off steeply during the global sell-off in response to the debt situation in Europe. Austerity measures will slow the European economy and that may affect Chinese exports, especially when combined with a weaker euro. China is also taking steps to slow its property market and the outcome of these policies is uncertain.

The result is that DBB fell from about $23.50 in mid-April to $19.50 and below its 200-day moving average last week. Today's rebound takes it back above the 200-day moving average, but the fund is still at critical levels.

United States Natural Gas Fund

(UNG) - Get Report

2.1%

UNG often shows up on Thursdays because that's when the Energy Information Administration releases inventory figures. When the inventory is smaller than analysts forecast, UNG usually moves up. When it's higher, UNG sinks. Analysts were looking for about 100 billion cubic feet of natural gas to be added to inventory in the week ended May 7, but instead the figure came to 94 bcf. Today's bounce takes UNG above its 50-day moving average for the first time since February.

Losers

iShares MSCI Spain Index Fund

(EWP) - Get Report

-1.9%

Europe's trillion dollar bailout plan has stabilized the stock and bond markets, but not the euro. After a sharp one-day rally in the first part of Monday, the euro gave back those gains and today's decline has taken the currency to a new 2010 low versus the U.S. dollar. While that move explains the size of the decline, it doesn't explain the decline.

For instance, the German market is up today and

iShares MSCI Germany

(EWG) - Get Report

is up 0.5%, while some other non-PIGS country ETFs have losses of less than 1%. Investors are separating the wheat from the chaff in Europe, and that's a positive sign.

iShares MSCI Thailand Investable Market Index Fund

(THD) - Get Report

-2.6%

A deal to hold new elections, part of a broader deal between the government and Red Shirt protestors, turned violent today. The prime minister reversed his position on the issue of elections after protestors refused to disperse from a section of the city that they've occupied for several weeks.

The efforts turned violent and a major general of the Thai military who had been helping the Red Shirts was shot in the head and taken to a hospital. The government blames the general for organizing violent actions by the protesters. The gunman is unknown at this time.

All prices as of 2:19 PM EST

-- Written by Don Dion in Williamstown, Mass.

At the time of publication, Dion Money Management was long iShares MSCI Thailand Investable Market Index Fund.

Don Dion is president and founder of

Dion Money Management

, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.