Another tough week for the stock market left the S&P 500 down 1.6%. Even a positive GDP number, which showed 5.7% growth for the fourth quarter of 2009, wasn't enough to turn the market higher. The Nasdaq fell 2.6% and the Dow Jones Industrial Average declined 1.0%. For the month, these indexes are down 3.7%, 5.4% and 3.5%, respectively.

It was a busy week for earnings. Amazon ( AMZN) beat estimates handily, while Qualcomm's ( QCOM) guidance disappointed the market . Procter & Gamble ( PG) beat estimates; AT&T ( T) reported strong earnings thanks to the Apple ( AAPL) iPhone, while Apple itself reported a great quarter and unveiled the iPad.

Unlike the iPhone, the iPad will not be exclusive to AT&T, but the firm did partner with Apple to offer a data subscription deal. Reviews of the product were mixed, and it will take some feedback from users before we know whether this is another hit like the iPod and iPhone, or whether it is another Newton.

Despite the positives, the market preferred the negatives. Caterpillar ( CAT), for one, delivered disappointing guidance with its earnings report and carried the entire heavy-equipment sector lower.

Toyota ( TM) announced a massive recall and stopped selling many popular models due to a problem with the accelerator. The supplier of that part, CTS ( CTS), fell more than 10% on the week.

In contrast, the last of the Big Three in nongovernment hands, Ford ( F), reported its first annual profit since 2005 and shares gained 3.2% for the week.

Finally, Ben Bernanke was reappointed to the position of Federal Reserve chairman on the closest vote in history. Eighteen Republicans, 11 Democrats and one independent joined together in opposing his appointment.

Here are this week's ETF winners and losers:

Winners

iShares MSCI Belgium ( FXE) +1.0%

Worries over Greece's debt, an issue simmering for many weeks, finally led to bailout rumors this week that sent the euro and weaker European country ETFs much lower. CurrencyShares Euro ( FXE) fell 1.9% on the week, iShares MSCI Spain ( EWP), often mentioned as having the next weakest European finance after Greece, tumbled 3.8%.

iShares MSCI Turkey ( TUR) +0.9%

Turkey may be next door to Greece, but the economies are very different, and their markets took different paths last month. TUR gained 3.5% in January, while the Athens composite index has declined 9.6% this year. The broader European ETF, iShares MSCI EMU Index ( EMU) sank 7.8% in January, mostly on those Greek concerns.

iShares Dow Jones U.S. Home Construction ( ITB) +1.6%

SPDR S&P Homebuilders ( XHB) +1.1%

Housing numbers for December haven't been good, but earnings reports were positive. Ryland Group ( RYL), a top ten holding in ITB, reported a gain of 11 cents, while analysts were looking for a loss of 26 cents per share.

Analysts also expected a loss at Meritage Homes ( MTH), another top ten holding in ITB, but the firm came in with a profit.

Due to ITB's much heavier allocation to homebuilding stocks, it outperformed the more retail oriented XHB this week.

Losers

U.S. Natural Gas ( UNG) -10%

iPath Natural Gas ETN ( GAZ) -11.3%

U.S. 12 Month Natural Gas ( UNL) -6.4%

Welcome back, UNG. It's been awhile since the fund has led the decliners, as a cold winter snap had reduced inventories and sparked optimism in the market. Recently, a spate of warm weather sank prices and last week's inventory decline was less than expected.

PowerShares DB Base Metals ( DBB) -9.5%

iPath Copper ETN ( JJC) -9.5%

FreeportMcMoRan Copper & Gold ( FCX) was slammed the past three weeks on concerns over Chinese growth. Since Jan. 11, FCX and Southern Peru Copper ( PCU) are down 24.2% and 26.7%, respectively.

Copper initially had less extreme losses, but this week it sank along with the producers. Since Jan. 11, it is down 12.1%.

Market Vectors Steel ( SLX) -7.6%

Although it doesn't own Chinese steelmakers, concerns over Chinese growth weighed on this popular ETF. Investors may be especially concerned about Chinese supply hitting the international market if it cannot find a home in China. SLX, which gained 113% last year, is down 11.6% after the first month of 2010.
Don Dion is president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.