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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.


Global X Uranium ETF

(URA) - Get Global X Uranium ETF Report


Uranium producers are heading higher, pushing URA to a second day of gains. This strength is welcomed after the fund's steady downward path in the second half of November. The decline caused URA to erase nearly all of the gains from its October rally.

Other energy-related ETFs powering higher include the

Guggenheim Canadian Energy Income ETF


and the

First Trust ISE Revere Natural Gas Index Fund

(FCG) - Get First Trust Natural Gas ETF Report


iShares MSCI South Korea Index Fund

(EWY) - Get iShares MSCI South Korea ETF Report


The U.S. markets are following up Monday's strong rally with mixed action. A diverse collection of emerging market ETFs are heading higher. EWY,

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TheStreet Recommends

iShares MSCI Mexico Investable Market Index Fund

(EWW) - Get iShares MSCI Mexico ETF Report


Market Vectors Indonesia ETF


are among the biggest movers.

iPath Dow Jones UBS Grains Subindex Total Return ETN

(JJG) - Get iPathA Series B Bloomberg Grains Subinde Report


Reignited confidence brought on by the market's upward action has helped to inject some strength back into the futures-linked grain ETN. The fund's climb has helped to snap its seven-day losing streak.

Not all products linked to agricultural futures contracts are seeing strength, however. The

iShares Dow Jones UBS Cocoa Subindex Total Return ETN


is struggling to break out of negative territory.


PowerShares India Portfolio

(PIN) - Get Invesco India ETF Report


After two solid days of gains, India-related ETFs including PIN and

iShares S&P India Nifty 50 Index Fund

(INDY) - Get iShares S&P India Nifty 50 Index Fund Report

are taking a breather, locking in noticeable losses.

November has been a rough month for this emerging market giant. It will be interesting to see if it can find some solid ground in December.

iShares MSCI South Africa Index Fund

(EZA) - Get iShares MSCI South Africa ETF Report


This is one of the ETF industry's biggest gainers during Monday's rally. However, the fund appears to be retreating as we approach the middle of the week.

A disappointing GDP reading in the third quarter is doing little to ignite confidence in South Africa. According to


, the nation grew 1.4% during the most recent three-month period. Analysts had been expecting a 1.8% increase.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Barclays Bank PLC ZC SP ETN REDEEM 23/01/2048 USD 27.193879 - Ser A ShortTerm Futu Report


For a second day, VIX-tracking ETFs are taking a hit as fear falls by the wayside. This retreat has sent VXX back to its 50-day moving average. Looking to the near term, it will be interesting to see if this level becomes a level of support.

Although the recent dose of strength has been encouraging, I urge investors to avoid getting carried away here. Excessive exposure to risk will leave an investor vulnerable to losses in the event that macroeconomic headwinds crop back up.

All prices as of 2:13 PM EST

Written by Don Dion in Williamstown, Mass.


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At the time of publication, Dion Money Management owned the iShares MSCI Mexico Investable Market Index Fund and Market Vectors Indonesia ETF.