NEW YORK (TheStreet) -- Here are five ETFs to watch this week.

Market Vectors Agribusiness ETF

(MOO) - Get Report

Food prices have surged in recent months, returning to record breaking levels last seen in 2008. This rally has helped power agriculture-related equities such as those underlying MOO to strong gains.

Last week, industry leaders


(MOS) - Get Report




reported optimistic earnings, sending the fund higher towards levels last seen prior to the economic meltdown.

Improving economic conditions in the developed world and rampant economic growth across emerging economies look likely to prolong this current food rally. MOO is a fund to keep on the radar.

iShares Dow Jones U.S. Aerospace & Defense Index Fund

(ITA) - Get Report

Late last week, Defense Secretary Robert Gates announced a plan to squeeze spending by $78 billion over the next five years. The reductions could send investors holding ITA down a rocky road in the coming weeks as the markets learn more about the plan and digest its effects.

According to the

Financial Times

, plans aimed at paring back the Pentagon's spending habits would results in projects involving companies including

General Dynamics

(GD) - Get Report



(RTN) - Get Report


Lockheed Martin

(LMT) - Get Report

getting the ax. All three of these companies can be found among ITA's top 10 holdings and represent over 17% of the fund's total index.

iShares MSCI Belgium Investable Market Index Fund

(EWK) - Get Report

It's a new year but many of the same economic issues that threatened the strength of global recovery in 2010 continue to persist. Regarding the European debt crisis, many analysts and market commentators have had their eyes locked on the issues playing out in Spain, Greece and other components of the "PIIGS" acronym. However, outside of these nations, other EU members such as Belgium facing daunting headwinds.

Belgium has remained locked in an election stalemate which has persisted for over 200 days as the two feuding halves of the country fail to reach a political compromise. This turmoil comes at a difficult time. According to


Belgium currently boasts the third highest debt burden in the EU.

Until there are signs that these issues are being resolved, EWK is a fund investors will want to steer clear of.


(XRT) - Get Report

December's retail sales numbers are slated to be released at the end of this week, providing investors with insight into the strength of the most recent holiday season. Over the past few months, I have consistently encouraged investors to take a look at funds such as XRT and the

First Trust Dow Jones Internet Index Fund

(FDN) - Get Report

as ways to not only profit from holiday season shopping habits, but also gain exposure to the ongoing consumer recovery.

The resurgent consumer is a theme which I feel will continue as we head into the start of the new year.

Market Vectors Gold Miners ETF

(GDX) - Get Report

Investors appear to be taking profits on the sky-high levels of gold, silver and palladium. In response, both physically-based products and metals-related ETFs have taken hits, starting the year off on a sour note.

Looking to the coming week and beyond, gold will be on the minds of investors as the economic recovery progresses, and commodities remain a closely watched area of the marketplace. I would advise investors to avoid unloading their precious metals positions entirely. Instead, use products such as GDX and

iShares Gold Trust

(IAU) - Get Report

to defend against future turmoil.

Written by Don Dion in Williamstown, Mass.


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At the time of publication, Dion Money Management owned First Trust Dow Jones Internet Index Fund, Market Vectors Gold Miners ETF and iShares Gold Trust.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.