NEW YORK (TheStreet) -- Welcome to Don Dion's "ETF Winners and Losers." Be sure to stop by throughout the week to find out which ETFs are gaining or losing.


Guggenheim Solar ETF

(TAN) - Get Report


Promising news from Europe, combined with strong economic data, has helped to boost the markets today and allowed some of the most battered industries like solar energy to secure some impressive gains.

TAN has struggled for months as looming macroeconomic concerns have battered the alternative energy industry. This week was particularly distressing for the fund, with its top holding,

First Solar

(FSLR) - Get Report

, tumbling hard on Tuesday. Shares of FSLR account for over 10% of the TAN's total portfolio.

iShares MSCI Sweden Index Fund

(EWD) - Get Report


News of progress in the ongoing EU saga has sent a wide collection of Europe-tracking ETFs to industry-leading gains. Aside from single-nation products like EWD, broad region ETFs such as the


(FEZ) - Get Report

were in positive territory.

Despite this display of strength, I encourage investors to avoid diving into Europe at this time. The region will likely continue to behave in a volatile manner.

Global X Copper Miners ETF

(COPX) - Get Report


Materials-related ETFs are riding today's surge of market optimism. COPX,

Market Vectors Steel ETF

(SLX) - Get Report


Market Vectors Coal ETF

(KOL) - Get Report

are surging as fears wane and investors regain a taste for risk.

For COPX, this week marks the first time the fund has managed to overtake its 50-day moving average since dipping below in early August. It will be interesting to see if it can maintain these heights.

Guggenheim China Small Cap ETF

(HAO) - Get Report


As investor fears recede, emerging markets are heading higher. BRIC nations, in particular are showing strength, indicated by the upward action seen from HAO,

iShares MSCI Brazil Index Fund

(EWZ) - Get Report

, and

Market Vectors Russia ETF

(RSX) - Get Report


Despite lingering concerns about a hard landing, China-tracking ETFs have seen impressive gains in October. The

iShares FTSE China 25 Index Fund

(FXI) - Get Report

has nearly regained all of the losses it suffered during its September sell-off.


iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report


The markets are powering to strong gains heading into the end of the last week of October. In response, the fear-tracking VIX is taking a hit and as the VXX is tumbling to levels last seen at the start of September.

The VXX has struggled to regain footing over the past month as investors have regained some confidence. Heading into the near future, it will be interesting to see if this optimism persists.

iShares Barclays 20+ Year Treasury Bond Fund

(TLT) - Get Report


Steep upward action is luring investors out of the safe haven asset classes they have clung to over the past few months.

TLT has been flirting with its 50-day moving average for a few weeks and with Thursday's losses, the level has been pierced. This is the first time this has occurred since the summer.

The U.S. dollar is another notable decliner, as indicated by the downward action witnessed in the

PowerShares DB U.S. Dollar Index Bullish Fund

(UUP) - Get Report


All prices as of 2:14 PM EST

Written by Don Dion in Williamstown, Mass.


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