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NEW YORK (TheStreet) -- The unflolding drama in Greece along with earnings and government housing statistics will weigh on investors this week.

ETF investors should keep an eye on how all this plays out for these five funds in gold, the euro, natural gas, home construction and natural gas.

Market Vectors Gold Miners (GDX) - Get Free Report

Four holdings, accounting for 30% of assets in GDX, will report earnings this week. On Wednesday,

Kinross Gold

(KGC) - Get Free Report


Agnico-Eagle Mines

(AEM) - Get Free Report




report, while on Thursday,

Barrick Gold


reports. Barrick accounts for 16% of GDX, more than the other three holdings combined, so it will be the most important earnings report of the group.

Higher gold prices in the fourth quarter, when gold enjoyed a run to $1200 an ounce, should at least help revenues. Individual earnings will show how well management is operating these firms, but investors will likely place more weight on production forecasts.

As of Friday's close, GDX was 20% below its recent closing high, set in early December 2009, of $54.65 per share.

CurrencyShares Euro

(FXE) - Get Free Report

EU Finance ministers meeting yesterday and today were expected to hammer out the details of a plan to aid Greece. Volatility is likely to be high in the near term as traders and investors try to decide whether the result in bullish or bearish for the currency.

The chart of FXE turned a little more bearish last week, when the 50-day moving average crossed below the 200-day on Thursday. Unless a rescue plan eases investor concerns, the current momentum suggests that lower prices are likely for FXE, but due to that recent weakness, a deal would likely result in a very strong rally.

First Trust NYSE ARCA Biotechnology Index Fund

(FBT) - Get Free Report



, found in several biotechnology ETFs, has its largest allocation in FBT at more than 5% of assets. The company reports fourth- quarter earnings on Wednesday, and analysts expect it to report $0.29 per share and about $1.1 billion in revenue.

Besides Genzyme tomorrow,

Teva Pharmaceuticals

(TEVA) - Get Free Report

has an earnings conference call scheduled for today at 8:30 a.m. The stock accounts for 22.5% of

iShares MSCI Israel Capped Investable Market Index Fund

(EIS) - Get Free Report

, and is also found in the

iShares Nasdaq Biotechnology Index Fund

(IBB) - Get Free Report

. Teva and Genzyme combine for almost 11% of IBB's assets.


(MRK) - Get Free Report

also announces earnings today. Although biotech ETFs do not hold Merck, they could benefit if Merck's report helps lift the broader healthcare sector.

First Trust ISE-Revere Natural Gas

(FCG) - Get Free Report

One of the bellwethers of the natural gas industry,

Chesapeake Energy

(CHK) - Get Free Report

, reports earnings on Wednesday. Analysts are looking for $0.69 per share in the fourth quarter, and revenue of $2.0 billion.

Although it doesn't have the largest allocation to Chesapeake,

First Trust ISE-Revere Natural Gas

(FCG) - Get Free Report

is the ETF that has the largest natural gas exposure. For a slightly larger position in Chesapeake, along with a little more oil exposure, investors can try

iShares Dow Jones U.S. Oil & Gas Exploration & Production

(IEO) - Get Free Report


iShares Dow Jones U.S. Home Construction

(ITB) - Get Free Report

Housing starts for January will be announced tomorrow. While that statistic can sometimes generate movement by itself, ITB has been enjoying a nice run of outperformance versus the

S&P 500 Index

in the past few weeks, offering a bullish counter trend to the prevailing bearishness in the market. It will be interesting to see if the fund can keep it up.

Since the market's began to swoon on January 19, ITB has managed a gain of 1%, versus the more than 6% drop in the S&P 500 Index.

One company lifting the index is

D.R. Horton

(DHI) - Get Free Report

(DHI), a builder of budget homes. The government's first-time home buyer tax credit has increased home sales and D.R. Horton was able to capitalize due to selling homes in the price range of first time buyers. Shares of the company are up 6% since January 19.

At the time of publication, Dion owns iShares MSCI Israel Capped Investable Market Index Fund.

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.