Dion's Tuesday ETF Winners and Losers

European ETFs were enjoying some of the biggest 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 losing when it comes to ETFs.


iShares MSCI Sweden Index Fund

(EWD) - Get Report


The Swedish markets are seeing some of the largest gains among ETFs on Tuesday, leading other European ETFs such as

iShares MSCI United Kingdom Index Fund

(EWU) - Get Report


Vanguard European ETF

(VGK) - Get Report


iShares MSCI France Index Fund

(EWQ) - Get Report


iShares Dow Jones U.S. Home Construction Index Fund

(ITB) - Get Report


Since early May, homebuilder ETFs have tumbled to new 2010 lows as investors accustom themselves to the real estate industry sans-stimulus. However, over the past week, they have witnessed a welcomed bounce, negating some of the losses suffered by ITB and the

SPDR S&P Homebuilders ETF

(XHB) - Get Report

. Today, both funds have continued their noteworthy ascension.

SPDR KBW Regional Banking ETF

(KRE) - Get Report


KRE has staged a nice comeback over the past few days, making up for a good chunk of its losses from the second half of June.

On Tuesday, regional banks likely found strength in a decision made by two Republicans to back the sweeping financial reform bill working its way through Washington. Throughout 2010 I have regarded regional banks as strong investment as Washington lawmakers closely scrutinize Wall Street giants.

Market Vectors Vietnam ETF

(VNM) - Get Report


Frontier nations such as Vietnam do not typically move in lock step with the rest of the global market. However, on Tuesday, it followed the rest of world upward, breaking away from its 50-day moving average.

Since hitting lows at the end of May, VNM has staged an impressive comeback, but overall the picture is neutral on this ETF in the short term.

ETFS Physical Palladium Shares

(PALL) - Get Report


A broad commodities rally is helping palladium prices gain some ground, leading PALL back to its 50-day moving average. Since breaking below this level in mid-May, it has proven to be an effective point of resistance. A prolonged market rally could help break it from this recent pattern.


iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report


After Monday's choppy market, the bulls appear in control and are gaining momentum after a strong set of earnings from


(AA) - Get Report



(CSX) - Get Report

. Even


(BP) - Get Report

, which has suffered the continued mishandling of the Deepwater Horizon crisis, appears to be making progress in halting the oil leak.

All of this news is helping investors regain some market confidence, pressuring the fear-based VIX index.

VXX is now testing the $24 level, which, since the start of May, has been an area of support. Investors looking to take a chance on this dangerous fund may want to wait to see whether it bounces or breaks below this level.

All prices as of 2:16 PM EST

By Don Dion in Williamstown, Mass.

At the time of publication, Dion Money Management did not own any of the equities mentioned.

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.