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NEW YORK (TheStreet) -- Here are this week's winners and losers.

Winners

iShares Dow Jones U.S. Oil Equipment & Services Index Fund

(IEZ) - Get iShares U.S. Oil Equipment & Services ETF Report

6.2%

The energy sector enjoyed some welcomed gains as the market's multi-day rally helped to reinvigorate confidence and drive investors back to growth-correlated industries.

IEZ's bounce was impressive and the fund could continue higher if economic fears begin to subside. However, investors should be careful not to get carried away with a fund like IEZ.

iShares S&P North American Technology Index-Multimedia Networking Fund

(IGN) - Get iShares North American Tech-Multimedia Networking ETF Report

6.1%

Thanks to a three-day string of gains, the networking ETF managed to score some of the industry's most impressive gains. With this week's upward action, the fund has recovered back to its 50-day moving average. This is a level to watch; since dipping below in March, it has become a hearty point of resistance.

Tech stocks will be interesting to watch in the week ahead when search giant

Google

(GOOG) - Get Alphabet Inc. Class C Report

reports its earnings.

Market Vectors Steel ETF

(SLX) - Get VanEck Vectors Steel ETF Report

TheStreet Recommends

3.8%

For weeks, market turmoil and widespread doubts about the strength of the global economy have cast a thick fog of uncertainty over industries like steel. Over the past few days, however, glimmers of strength have helped push shares of SLX higher.

Whether or not SLX can hold onto this week's gains in the days ahead will likely rely heavily on the performance and forecasts for emerging market titans like China. Be careful here.

Market Vectors Solar Energy ETF

(KWT)

2.8%

Solar energy stocks managed to close out the week on a positive note. Although these gains helped KWT recover a portion of last week's losses, the fund still has plenty of ground to cover before regaining levels seen prior to its steep September sell-off.

The outlook for this segment of alternative energy remains cloudy as regions including the EU and U.S. struggle to reign in debt. While it will be interesting to see if KWT can capitalize on this week's gains next week, I would encourage conservative investors to stick to the sidelines.

Losers

iPath S&P 500 VIX Short Term Futures ETN

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

-6.3%

Shaky market action at the end of the week helped the VIX-tracking VXX pare some of its losses. These gains, however, were not enough to keep this fund off of the losers list.

Looking ahead, it will be intriguing to watch how VXX performs. While the European crisis will likely continue to dominate headlines, earnings season is also set to kick into high gear.

United States Natural Gas Fund

(UNG) - Get United States Natural Gas Fund LP Report

-5.1%

Although energy stocks managed to climb over the past week, natural gas futures struggled to find footing. Both UNG and the

iPath Dow Jones U.S. Natural Gas Subindex Total Return ETN

(GAZ) - Get iPath Series B Bloomberg Natural Gas Subindex Total Return ETN Report

are currently trading at all-time lows.

The equity-backed

First Trust ISE Revere Natural Gas Index Fund

(FCG) - Get First Trust Natural Gas ETF Report

fared better than its futures-based cousins. This week, the fund saw 2% gains.

Written by Don Dion in Williamstown, Mass.

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