NEW YORK ( TheStreet) -- Earnings and politics will be two factors driving ETFs this week. Earnings news will impact solar and water ETFs, while a Thailand fund will digest an important court decision. Meanwhile the movements of a euro ETF will heavily influenced by Europe's efforts to grapple with a deepening sovereign debt crisis.

Claymore/MAC Global Solar ( TAN)

This fund declined again last week and this sector has failed to stabilize along with the broader market. It made a death cross on Friday, with the 50-day moving average falling below the 200-day moving average. Exposure to government-supported demand in Europe faces a double whammy of a weaker euro and weak government finances.

Solar earnings continue to come in this week with Suntech Power ( STP), which accounts for 4.7% of TAN, reporting on Thursday. Analysts forecast the company earned 11 cents per share on $467 million in revenue. Canadian Solar ( CSIQ) also reports, with analysts looking for 48 cents per share on roughly $267 million in revenue. CSIQ accounts for 3.6% of TAN's portfolio.

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