NEW YORK (TheStreet) -- The euro ETF holds center stage again to see what steps will be taken to get Greece's debt crisis under control.
Investors should keep an eye on how all this plays out for the euro ETF as well as the earnings of key companies in the energy, steel and health care sectors.
The euro ETF will remain one to watch at least until the Greeks come up with a plan to get their debt under control. EU governments will check on Greece's progress in closing its budget gap on March 16.
lifted the discount rate from 0.5% to 0.75% last Thursday in a step toward policy normalization. The change sent the U.S. dollar higher versus the euro and signals that interest rates may begin adding bullish support to the greenback. Investors will get their next update, when the Federal Reserve Open Market Committee meets on March 16.
Market Vectors Nuclear
President Obama announced new loan guarantees for construction of nuclear plants last Tuesday, signaling a political shift in favor of atomic energy. With that favorable change in place, uranium miner
reports earnings on Wednesday. CCJ is the NLR's No. 3 holding, accounting for 7.8% of its assets.
Analysts are expecting earnings of 58 cents per share on revenue of $525 million. In addition to the results, investors may be looking for another update on the flooded Cigar Lake property. Two weeks ago the company said it had pumped out the mine, adding it is expected to be secure by October 2010.
iShares MSCI Brazil
, which accounts for 21% of EWZ's assets, reports earnings Friday.
EWZ suffered a correction of more than 20% from early January through early February as it was doubly hit by Chinese monetary tightening. The global selloff knocked emerging markets and the resource producers tumbled. Since then these companies and country ETFs have staged a nice rebound, with EWZ more than 10% off its recent lows.
Market Vectors Steel
and its North American subsidiary,
( GNA), report earnings on Thursday. (Gerdau is not a top 10 holding in EWZ, but it represents a bit under 2% of the fund.)
Analysts are looking for 31 cents per share and $6.62 billion in revenue from GGB, and 2 cents per share from GNA on $1.05 billion in revenues. Combined, the two holdings make up nearly 9% of SLX.
Like EWZ, SLX slumped more than 20% in early 2010 and also rebounded more than 10%.
iShares Dow Jones U.S. Healthcare Providers
This ETF has nicely outperformed other health care ETFs, as the sector outperformed the broader market. During the January sell-off, however, IHF underperformed, giving back some of its gains.
Medco Health Solutions
reports earnings, with analysts predicting 75 cents per share on $15.1 billion in revenue. MHS is the second largest holding in IHF, with 9.9% of assets.
A day later,
will announce its fourth-quarter earnings. Analysts forecast 90 cents per share and $7.4 billion in revenue. ESRX is the fourth largest holding in IHF, with 8.0% of its assets.
-- Written by Don Dion in Williamstown, Mass.
At the time of publication, Dion was long EWZ.
Don Dion is president and founder of
, 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.