NEW YORK ( TheStreet) -- The previous week's market slide on Thursday and Friday made for favorable comparisons for many ETFs this week, as the market rebounded from its lows. The EU bailout for the eurozone led to a big rally on Monday, but the gains in the euro began to disappear before Monday had even finished, and European shares found themselves under pressure for most of the week.

Winners

Claymore/Robb Report Global Luxury ETF ( ROB) +8.3%

Although concerns still linger regarding Europe's debt issues and China's tightening steps, high-end consumers are still flocking to shopping centers. On Friday April's retail sales numbers came out and, for the seventh month in a row, U.S. retailers saw an increase.

While I typically recommend using the SPDR S&P Retail ETF ( XRT) to play the broad retail industry, more adventurous investors may want to consider adding ROB instead.

Investors beware: This fund has unsettlingly low volume that may lead to troubles down the road. Protect yourself and keep any exposure to ROB small.

iShares MSCI Turkey Investable Market Index Fund ( TUR) +5.7%

The Turkish markets and TUR saw some impressive gains this week. Recent increases in cooperative efforts between Turkey and neighbor Russia should continue to buoy the nation's markets in the near future.

This week, the two nations signed two agreements allowing for construction to begin on Turkey's first nuclear plant and for production on a new pipeline to transport from the Black Sea to the Mediterranean.

Additionally, visa requirements between the two nations are expected to be eased, which will aid tourism and trade.

The Russian ETF, Market Vectors Russia ETF ( RSX) was also a winner this week, up 7.5%. iShares S&P Small Cap 600 Value Index Fund ( IJS) +6.7%

Throughout this week, I have highlighted the strongest ETFs for investors looking to play small cap U.S. companies. In my final piece, Small Cap Value ETFs: A Guide , I noted that value-focused small cap ETFs had outperformed all other stylebox-based ETFs in 2010. This week, this trend continued with IJS scoring some of the strongest gains among all ETFs.

For more information see my articles on Small Cap Core, Growth and Value .

Losers

United States Oil Fund ( USO) -4.2%

Oil prices took a big hit this week, dragging USO investors along for the ride. With Friday's dip, USO locked in fresh 2010 lows.

Investors can expect this fund's performance to remain volatile as market uncertainties weigh on demand outlook for oil. Those uncertainties stem from concern over growth in China and austerity measures in Europe.

CurrencyShares Euro Trust ( FXE) -2.7%

A week has passed and the euphoria that stemmed from the passage of the European Union's emergency fund has completely worn off. Investors are again eyeing the issues threatening the region.

Spain and Portugal, two of the most troubled members of the bloc, announced their own austerity plans in an effort to ward off a Greece-like crisis. However, it was not enough to stoke confidence in the euro. The currency still dipped below $1.24, its lowest intraday level since October 2008 and the lowest close since 2006.

-- Written by Don Dion in Williamstown, Mass.
At the time of publication, Dion Money Management was long Market Vectors Russia, iShares MSCI Turkey Investable Market Index Fund.

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.