NEW YORK ( TheStreet) -- The biggest news of the week was the Greek debt situation and a European backstop plan that includes the IMF. It ended the slide in the euro, but stocks remained shaky.


Market Vectors Gulf States Index ETF ( MES) +5.8%

Investors powered MES higher on positive news regarding Dubai's plans to solve the nation's continuing debt crisis. This week, the Arab nation announced plans to restructure $23.5 billion of Dubai World's debt, which include providing $9.5 billion to the conglomerate and to a major real estate developer, Nakheel.

iShares MSCI Turkey Investable Market Index Fund ( TUR) +5.1%

The Turkey ETF, TUR, was a big winner this week amid ongoing discussion over the future of the nation's constitution. Currently, Turkey's governing party is butting heads with the nation's judiciary over whether or not to drastically overhaul the nation's constitution to allow greater political control over the court.

> > Bull or Bear? Vote in Our Poll

According to the AK party, Turkey's governing party, the proposed reforms will help promote democracy and bring the nation closer to meeting the standards for entry into the European Union.

Opponents believe that the AK party is promoting reform as an effort to consolidate power and push an Islamic agenda.

SPDR KBW Bank ETF ( KBE) +2.4%

Wall Street giants, led by Bank of America ( BAC) and Citigroup ( C), powered KBE to a top spot this week. These two financial titans account for nearly 20% of the fund's total portfolio.

Bank of America jumped this week on news that it would forgive some mortgage debt in an effort to keep troubled borrowers in their homes. Invited candidates will receive up to 30% reductions in an effort to help borrowers struggling to make payments on their high-risk loans.

Citigroup saw a nice lift this week when the U.S. Treasury announced that it was setting up a plan to unload its 27% stake in the troubled firm. The plan could be announced as soon as next month.


Market Vectors Gold Miners ETF ( GDX) -3.5%

Strength from the broad market and the U.S. dollar caused investors to shy away from gold and the gold miners.

United States Natural Gas Fund ( UNG) -6.9%

iPath Dow Jones UBS Natural Gas Total Return Subindex ETN ( GAZ) -6.9%

First Trust Revere-ISE Natural Gas Index ETF ( FCG) -4.3%

In what it becoming a common occurrence, natural gas ETFs once again got battered this week. This week's bad news came in the form of a less than stellar weekly EIA report that found that storage levels dropped in line with expectations. That was enough to send investors fleeing from the fuel, causing futures prices to drop.

UNG's downfall the past two years has been spectacular. Since reaching its peak in June 2008, the fund has been on a downward slide, losing more than 80% of its value. This week, the fund continued to new record lows, a trend that doesn't show signs of stopping.

iPath Dow Jones-UBS Grains Total Return Subindex ETN ( JJG) -3.1%

Another subsector that has seen nothing but pain in 2010 has been the grain industry. Strong forecast global yields coupled with a strengthening dollar, weak demand and a mild winter continued to push prices for wheat, corn and soybeans lower this week.

Wheat's decline this week dragged the crop's price to record lows for 2010.

-- Written by Don Dion in Williamstown, Mass.
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.

If you liked this article you might like

Turkish Stocks, Russian Retaliation and Rising Economic Risks

Turkish Stocks, Russian Retaliation and Rising Economic Risks

Wall Street Holds Higher After Deadly Events in Turkey, Berlin

Wall Street Holds Higher After Deadly Events in Turkey, Berlin

Wall Street Holds Higher as Yellen Touts Job Market Strength

Wall Street Holds Higher as Yellen Touts Job Market Strength

Downgrade Means Things Are Looking Up on Investing in Turkey
Dow, S&P 500 Only Just Eke Out Records as Tech Rallies

Dow, S&P 500 Only Just Eke Out Records as Tech Rallies