A Look Ahead: Next Week's ETFs To Watch

What else is new? Europe's sovereign debt woes continue to mean big problems for investors all over the world. Making matters worse is an ever-diminishing list of safe havens. Gone is the Swiss franc from the safe haven lexicon, so now we're down to gold, silver (sort of) and...U.S. dollars? The S&P 500 has now declined in six of the past seven weeks. Options from the long side that looked like values a couple of weeks ago are even better values today, but with Greece finally looking like it's ready to default, the path of least resistance for the week ahead should be down. Here's some weekend reading with a look at next week's ETFs to watch. ProShares UltraShort Financials SKF: Bank of America BAC, Citigroup C, JPMorgan Chase JPM and Wells Fargo WFC were all down at least 3% on Friday. We'll let you know when it's safe to get involved with financials from the long side. Expect that invitation in 10 years. Kidding aside, SKF looks primed for more big gains in the week ahead. Direxion Daily Russia 3X Bear Shares RUSS: If everyone and his sister is fretting over global growth, then that cannot be good news for oil prices. And if oil demand and prices suffer in the near-term, then that's not good news for Russian stocks. The Direxion Daily Russia 3X Bear Shares doesn't get a lot of press because it's new ETF, but if you want to find an ETF that touched a new 52-week on Friday, RUSS is one. PowerShares DB Dollar Index Bullish UUP: This is the world in which we live. Safe havens are in short supply, the risk-on trade has been exterminated and an ETF that is bullish on the dollar is looking technically superior. Seriously. ProShare UltraShort Euro EUO: Free obvious trade of the week. Can we please be honest for a moment? The euro's days should be numbered and if that thesis doesn't prove valid, then at least the current constituency of the common currency should be trimmed, starting with Greece. Consumer Staples Select Sector SPDR XLP: One for those that just need to be long. XLP does continue to be “less bad” than the broader market, but if support at $30 doesn't hold, then it's down to $28.50. If this less-than-glamorous can stay above $30, it might just deliver 5%-7% before the end of the year.