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Dion's Tuesday ETF Winners and Losers

The iPath S&P 500 VIX Short-Term Futures ETN pops 8.7%, but investors should steer clear of any fund designed to track the VIX, as these funds have further to fall.
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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.


iPath S&P 500 VIX Short-Term Futures ETN

(VXX) - Get iPath Series B S&P 500 VIX Short-Term Futures ETN Report


Uncertainty surrounding Europe's plans to bail out Greece make for a shaky day of trading. In response to the jittery markets, the fear-tracking VIX is scoring some nice gains.

VXX has been on a consistent downward slide throughout 2010. However, this has not stopped other firms from mulling the possibility of launching their own products. This week, Jefferies announced its plan to launch the first VIX-tracking ETF, the Jefferies S&P 500 VIX Short-Term Futures ETF, which will trade under the symbol, VIXX.

I would advise investors to steer clear of any fund designed to track this index. These funds have further to fall as the world's markets continue on the road to recovery.

SPDR Gold Shares

(GLD) - Get SPDR Gold Shares Report


A choppy trading session and a Greece rating downgrade is leading markets lower, causing investors to shy away from equities and currencies and instead seek out the security of gold.

This week looks strong for gold miners as well, with

Newmont Mining

releasing a strong earnings report on Tuesday. Looking to the remainder of the week,



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Barrick Gold


are scheduled to report their own earnings on Wednesday.


iShares MSCI Spain Index Fund

(EWP) - Get iShares MSCI Spain ETF Report


The ongoing Greece situation is causing investors to flee other debt-ridden European nations.

Until the Euro-bloc can come to a consensus on how Greece's debt crisis will be handled, investors should expect single nation European funds like EWP to suffer.

Market Vectors Steel ETF

(SLX) - Get VanEck Steel ETF Report


Although steel saw some nice gains at this week's open, on Tuesday, the fund took a hit.

Aiding to the fund's fall is

United States Steel

(X) - Get United States Steel Corporation Report

. On Tuesday, the company reported its quarterly earnings. Despite seeing its smallest losses in five quarters, investors still pushed the company's shares down over 5% in midday trading.

Iron ore producers, which account for nearly a quarter of the fund's total index, were also suffering today with

Rio Tinto

(RTP) - Get Reinvent Technology Partners Class A Report

and Vale down 5% and 4%, respectively.

iPath Dow Jones UBS Sugar Total Return Subindex ETN

(SGG) - Get iPath Series B Bloomberg Sugar Subindex Total Return ETN Report


Last week sugar and SGG fell on fears that India would cease being an importer. On Tuesday, the dip could be attributed to rains in Brazil, which are expected to aid the nation's yields.

With a combination of decreased demand and increased supply brewing the perfect storm for this battered sweetener, I would advise investors to continue to steer clear for the time being.

All prices as of 2:50 p.m. EST At the time of publication, Dion was long IAU.

-- Written by Don Dion in Williamstown, Mass.

At the time of publication, Dion was long IAU.

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.