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.


iShares MSCI European Financials Sector Index Fund

(EUFN) - Get Report


Big names in the financial sector are heading higher, leading funds like the

iShares Dow Jones U.S. Broker-Dealers Index Fund

(IAI) - Get Report


Financial Select Sector SPDR

(XLF) - Get Report

to notable gains.

While the domestic upward action is impressive, investors are also seeing strength overseas. EUFN is designed to target the largest and most influential banking institutions from Europe. Its top holdings include



, UBS,

Banco Santander


and Allianz.

PowerShares Dynamic Networking Portfolio

(PXQ) - Get Report


In this week's five ETFs to watch, I encouraged tech hungry investors to keep a close watch on today's earnings calendar with companies top tech names like


(GOOG) - Get Report



(INTC) - Get Report

on the docket.

The mood appears optimistic with networking-related products such as PXQ and the

iShares S&P North American Technology Multimedia Networking Index Fund

(IGN) - Get Report

securing some of the largest gains.

F5 Networks

(FFIV) - Get Report

is leading the climb higher, as its shares are up over 12% in early afternoon trading.

iShares MSCI Hong Kong Index Fund

(EWH) - Get Report


The Hong Kong ETF is on the verge of locking in its third consecutive day of positive action, returning to levels last seen at the start of November. Thanks to this multi-day rally, the fund is nearing its 50-day moving average. The last time this level was tested was early August.

Continued market improvement will likely help EWH power higher. Investors should exercise caution however. This fund boasts ample exposure to China's housing market. In the event that the outlook for the nation's real estate picture sours, the fund could be in for some rocky action.


iPath Dow Jones UBS Natural Gas Subindex Total Return ETN

(GAZ) - Get Report


Natural gas prices continue to slide downward, pushing GAZ and the

United States Natural Gas Fund

(UNG) - Get Report

to all-time lows. Both funds have seen eight consecutive days of losses.

Although stockpiles shrank last week, the drawdown was less than analysts had expected.

Guggenheim Solar ETF

(TAN) - Get Report


TAN's staggering early-year rally has likely tempted many doubters to reevaluate their feelings towards solar energy. This afternoon's weakness, however, is evidence of its inherent volatility. Macroeconomic and political headwinds continue to threaten the near-term strength of this alternative energy industry. Those willing to try their luck here should be sure to keep any exposure small and closely monitored.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report


The VIX-tracking VXX's previous 2012 lows provided little support as improving investor confidence drove the ETN to its third day of losses. In 2012, this instrument has seen only two days of positive action.

The VIX benchmark itself has given back all of all of the gains from the final weeks of summer.

All prices are 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.