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Dion's Tuesday ETF Winners and Losers

Although the issues facing the European Union are far from settled, Spain's markets are still managing to find gains 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

iShares MSCI Spain Index Fund (EWP) - Get Report 5.1%

Although the issues facing the European Union are far from settled, Spain's markets are still managing to find gains today. In response, EWP is popping.

EWP,

iShares MSCI Italy

(EWI) - Get Report

and funds designed to track troubled European nations will continue to face heat despite today's market strength. Investors looking to play the pop should keep a close eye on these funds as volatility should ensue.

Claymore/MAC Global Solar Energy Index ETF (TAN) - Get Report 4.9%

The solar energy industry is moving higher today as optimism prevails across the markets. In recent days, TAN has managed to see a nice bounce, recovering back to mid-May levels.

Since the start of 2010, this fund has been on a mostly consistent downfall. TAN will have to show signs of bottoming before I can consider it a strong play.

iShares MSCI Sweden Index Fund (EWD) - Get Report 4.8%

In early trading, the ETF designed to track Sweden's markets was among the top performing funds around.

EWD has rallied strongly since hitting lows in early June. The fund is now trading above both its 50- and 200-day moving averages.

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SPDR S&P Semiconductor ETF (XSD) - Get Report 4.4%

Though battered at the start of June, the semiconductors are staging an impressive comeback, recovering back toward previous highs of the month. XSD has now once again broken above its 50-day moving average, an area which may prove a source of support in coming days.

Losers

iPath S&P 500 VIX Short Term Futures ETN (VXX) - Get Report -5.7%

For the second day in a row, VXX is topping my daily list of ETF losers. Now that Moody's' Greece downgrade has been digested, investors are once again heading into the market and pulling indices higher.

On Tuesday, VXX dipped below previous June lows as it once again heads toward its 50-day moving average.

iPath Dow Jones-UBS Sugar Total Return Subindex ETN (SGG) - Get Report -0.4%

Amid today's relatively strong market, sugar is still managing to stumble lower. This troubled crop has faced headwinds since February, thanks to optimal growing weather and concerns about demand from top importers.

Despite the sweetener's economic troubles, SGG has still managed to break above its 50-day moving average in recent days. It will be interesting to see if the fund can maintain these levels.

All prices as of 2:16 PM EST

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.