The market waited for the Federal Reserve to deliver its statement Wednesday and then had a brief bullish move upwards before digesting the implications. Gold and stocks traded lower, while bonds and the U.S. dollar moved higher. Oil had the extra weight of much higher than expected inventories and suffered a sizable drop.

With that in mind, here are the winners are losers for the week:


ProShares UltraShort China

(FXP) - Get Report


ProShares UltraShort Real Estate

(SRS) - Get Report


PowerShares DB Crude Oil Double Short

(DTO) - Get Report


It was a down week for the market, and that means higher prices for the inverse ETFs. The best performers became the worst performers. Both FXP and SRS are below $10 a shares, even though they traded near $200 and $300 per share last fall.

WisdomTree Dreyfus New Zealand Dollar



New Zealand surprised economists when it reported second-quarter GDP growth of 0.1% and the news sparked further buying of New Zealand dollars. It is a favorite of carry traders because of the interest rate spread vs. U.S. dollars. Traders borrow U.S. dollars and hold New Zealand dollars, collecting interest plus any appreciation in the $NZ vs. $US, which has been substantial. At $24.84, BNZ is well off its 2009 low of $16.74, set in March.

iShares Barclays 20+ Year Treasury

(TLT) - Get Report


Whether the markets move up or down lately, the demand for Treasuries continues to depress long-term yields. Friday's 1.3% gain left TLT at its highest level since May.


iShares FTSE NAREIT Retail

(RTL) - Get Report


iShares Cohen & Steers Realty Majors

(ICF) - Get Report


REITs were down across the board. A list of the worst performers this past week is dominated by REITs at the bottom. Retail shares had the worst showing.

Even without their internal problems, REITs were leaders in the late-summer rally, and that's reason enough for them to lead the sell-off.

iPath Crude Oil Total Return

(OIL) - Get Report


PowerShares DB Oil

(DBO) - Get Report


United States Oil

(USO) - Get Report


Oil tanked this week on higher inventory. The gap between crude oil inventory expectations and reality was about 5 million barrels, as inventories climbed more than 2 million barrels. Gasoline inventories rose by more than 5 million barrels, to a level well above the start of driving season this year.

iShares Mexico

(EWW) - Get Report


American Movil

(AMX) - Get Report



(CX) - Get Report

both fell about 5% last week, and they combine for 30% of EWW's assets (25% for AMX and 5% for CX). Cemex sold $1.8 billion worth of shares this week. The stock fell ahead of the news and then recovered.

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.