It was a mildly down week for the stock market. The

S&P 500

lost 0.2%, and the

Dow Jones Industrial Average

slid 0.5%. The


lost 1%, hurt by poor earnings from


(DELL) - Get Report

and a Bank of America analyst downgrade of the chip sector.

Gold made headlines on Monday and Tuesday, but it traded sideways for the remainder of the week. the

iShares Comex Gold

(IAU) - Get Report

gained 2.8% for the week. Housing starts grabbed headlines as well, after they fell in October, with most analysts predicting an increase. The

iShares Dow Jones U.S. Home Construction

(ITB) - Get Report

lost 3.7%.

And now for this week's ETF winners and losers...


iShares Silver Trust

(SLV) - Get Report


PowerShares DB Silver

(DBS) - Get Report


Silver prices have spent most of this year catching up with gold prices, but silver can still gain more than 15% before it reaches the gold:silver ratio seen in early 2008. Silver will need more weeks like this past one though. Over the past month, gold outperformed silver.

PowerShares DB Base Metals

(DBB) - Get Report


iPath Copper Total Return ETN

(JJC) - Get Report


iPath Industrial Metals Total Return ETN

(JJM) - Get Report


iPath Aluminum Total Return ETN

(JJU) - Get Report


With copper comprising one third of DBB assets and 44% of JJM, this week's copper rally helped lift these funds. Aluminum makes up another third of DBB and 26% of JJM.

The industrial metals have performed well, since they benefit from both inflation fears and increased demand during the economic recovery.

iPath Grains Total Return ETN

(JJG) - Get Report


Market Vectors Agribusiness

(MOO) - Get Report


PowerShares DB Agriculture

(DBA) - Get Report


Agriculture remains popular with ETF investors, but prices have lagged other commodities. Bullish gurus such as Jim Rogers have plugged the sector and inflation fears have investors looking for any commodity that will preserve purchasing power. Crop yields are unlikely to provide the lift necessary to justify the price increases, however, opening the sector up to decline if inflation doesn't arrive in time.

> > Bull or Bear? Vote in Our Poll


iShares Turkey

(TUR) - Get Report


TUR's magnificent run turned into a turkey last week. Mark Mobius, manager of Templeton Emerging Markets Fund (EMF), said the country could have a correction, and the market delivered. Mobius said other emerging markets could also decline, but he also added that investors should regard the drop as a buying opportunity.

Year to date, TUR is still up 77%.

iShares Japan Small Cap

(SCJ) - Get Report


PowerShares FTSE RAFI Japan



iShares Japan

(EWJ) - Get Report


WisdomTree Japan Small Cap

(DFJ) - Get Report


WisdomTree Japan Total Dividend

(DXJ) - Get Report


Optimistic headlines were sparked by reports of third-quarter GDP growth of 4.8% year over year, but then investors learned that prices fell by 2.6%. Much of the growth came due to the deflation, not from increased production. While this isn't a problem by itself, Japan has a large debt burden. An economy with no growth can shrink its debt burden with inflation, but an economy with no growth will increase its debt burden with deflation.

FirstTrust ISE-Revere Natural Gas

(FCG) - Get Report


Natural gas prices sank again last week and

U.S. Natural Gas

(UNG) - Get Report

reached an all-time low, but UNG only fell 0.8% during the week. After months of following the stock market higher, however, FCG may finally be trading in sympathy with natural gas prices.

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.