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


(FEZ) - Get Report

Reports that European Union leaders had agreed on a plan to resolve the ongoing debt crisis sweeping through the region sent global markets surging during the second half of last week. With the start of November upon us, it will be interesting to see if moods can remain lifted.

FEZ and the

iShares MSCI EMU Index Fund

(EZU) - Get Report

are two products investors can turn to in order to follow the action taking place within the euro-bloc.

While exciting to watch, I encourage conservative investors to monitor these and other Europe-linked ETFs from the sidelines. Gut reactions to the region's "big bazooka" deal have been promising. However, until we see some solid improvements in this region, these nations will likely remain volatile.

PowerShares Dynamic Media Portfolio

(PBS) - Get Report

The media industry will be a major focus for earnings watchers this week with names such as

News Corp

(NWSA) - Get Report


Time Warner




(CMCSA) - Get Report

among those slated to step up to the plate. PBS allows investors to gain ample access to this market corner.

In total, seven of the fund's top 10 positions are scheduled to report quarterly earnings over the course of the week. Together, the companies account for nearly one-third of PBS' total assets.

iShares MSCI Israel Investable Market Index Fund

(EIS) - Get Report

The Israel ETF has enjoyed some impressive strength over the past few weeks as easing market fears have reignited investor appetite for foreign assets. Since the start of October, shares of EIS have climbed nearly every trading day. This persistent rally has helped the fund regain all of its September losses and ascend to levels last seen at the start of August.

Over the next few days, investors with exposure to this fund will want to keep a close watch as its largest holding,

Teva Pharmaceuticals

(TEVA) - Get Report

, prepares to release its quarterly earnings numbers. Teva's action weighs heavily on EIS performance. The company represents close to a quarter of the fund's underlying index.

Guggenheim Solar ETF

(TAN) - Get Report

Sweeping macroeconomic concerns have weighed heavily on solar stocks for months, pushing ETFs like TAN to steep losses. In October, however, easing fears have helped provide these funds with a lift.

Looking to the near future it will be interesting to see if funds like TAN and

Market Vectors Solar Energy ETF


can hold onto these levels.

TAN's top holding,

First Solar

(FSLR) - Get Report

, generated plenty of headlines last week following news that it had slashed forecasts. In addition, the company announced that it was removing Rob Gillette from the CEO position.

In the coming week, the company will continue to be in focus. On Thursday, First Solar is slated to report its quarterly earnings numbers.

iShares MSCI Thailand Investable Market Index Fund

(THD) - Get Report

The performances from funds like THD and the

iShares MSCI Turkey Investable Market Index Fund

(TUR) - Get Report

could be shaky in the days ahead as the nations work to defend against natural disasters.

So far the Thailand floods and Turkey earthquake have had only limited effect on these two ETFs, as both managed to power higher over the course of the week. Still, investors should exercise extreme caution when venturing here. The action going forward could get choppy as more is learned about the overall economic impacts of the events.

Written by Don Dion in Williamstown, Mass.

Readers Also Like:

>>Best and Worst Funds in October's Big Rally

>>ETF for New Smartphone King

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