Dion's Tuesday ETF Winners and Losers

NEW YORK (TheStreet) -- Welcome to Don Dion's Daily ETF Winners and Losers. Be sure to stop by each day to get a feel of who's winning and who's losing when it comes to ETFs.

Winners

iShares MSCI Spain Index Fund ( EWP) 3.9%

Bulls are taking to the streets as well as the markets today, allowing the Spain ETF to find gains.

Today's lift brings EWP back over its 200-day moving average for the first time since the end of April. Investors should continue to exercise caution before playing this fund or any ETF dedicated to the Euro region as countries continue to work out their debt issues.

iShares MSCI Israel Investable Market Index Fund ( EIS) 3.8%

Israel and Turkey remain at odds over Israel's decision to attack an aid flotilla in the Gaza Strip at the end of May. However, on Tuesday, the Israeli markets surged after the nation announced that it would ease its Gaza blockade, allowing consumer goods to flow into the region.

iShares MSCI Taiwan Index Fund ( EWT) 3.7%

After tumbling throughout the last two weeks, the Taiwan ETF is staging an impressive comeback, surging higher today thanks in large part to strength from top holding, Taiwan Semiconductor Manufacturing ( TSM) and blossoming smart phone company, HTC. EWT is a relatively top-heavy fund, with TSM accounting for nearly 15% of its portfolio. HTC represents a 3% slice of the fund's assets.

Market Vectors Coal ETF ( KOL) 2.8%

KOL and other commodities-focused ETFs are scoring gains at the start of this shortened week, leading the broad market higher. Market Vectors Steel ETF ( SLX) and SPDR Metals & Mining ETF ( XME) were other big movers.

Australia's decision to keep rates unchanged provided another vote of confidence to commodity stocks worried about the status of China's economic picture.

Losers

iPath S&P 500 VIX Short Term Futures ETN ( VXX) -2.9%

After a long weekend, U.S. investors are back and appearing well rested and relaxed. As a result, the fear index-linked VXX is moving lower.

Tuesday's tumble brings VXX back to its 50-day moving average. Since first breaking through this level at the start of May, this wildly volatile fund has bounced back and forth between it and its 200-day moving average. Investors should keep an eye on the 50-MA to see if this trend continues.

SPDR Gold Shares ( GLD) -1.6%

Investors were taking more risk today and putting pressure on funds that are typically used to protect against market turmoil. However, even as the market sold off during the day, gold mining shares and gold remained weak.

All prices as of 2:16 PM EST

-- Written by Don Dion in Williamstown, Mass.

At the time of publication, Dion Money Management owned iShares COMEX Gold Trust, SPDR Gold Shares.

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.

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