A Look Ahead: This Week's ETFs to Watch

With just a few bumps along the way, it has been a great ride for stocks this year and the good times continued last week with S&P 500 notching another record close. However, there are some signs of weakness as Google GOOG and Microsoft MSFT showed investors late in the week. When it is the the S&P 500's largest sector weight that is causing the problems, there might be reasons to be concerned. Stocks deserve some credit for another weekly advance, especially after Federal Reserve Chairman Ben Bernanke made clear that Fed tapering will commence sometime this year with an eye toward ending quantitative easing sometime next year. With no major scheduled events out of the Fed looming this week, market participants with be focused on earnings and there is an avalanche of the. Eight Dow components step into the earnings confessional this week and the tally for the S&P 500 is 157 members delivering results. That puts plenty of ETFs, including the following, in focus. SPDR Dow Jones Industrial Average DIA As was just noted, eight Dow components report this week. Half of that group is McDonald's MCD, Boeing BA, 3M MMM and Travelers TRV.Two the remaining four are United Technologies UTX and Caterpillar CAT. Those stocks combine for 29 percent of DIA's weight, making this a significant week for the $13 billion ETF. Market Vectors Oil Services ETF OIH The Market Vectors Oil Services ETF is always a compelling earnings season ETF play and that will again be the case this week. Schlumberger SLB, the world's largest oilfield services company and 21.3 percent of OIH's weight, got the ball rolling last Friday. This week it is Halliburton HAL, National Oilwell Varco NOV and Cameron International CAM that are slated to deliver results. That trio represents another 20 percent of OIH's weight. Alternative play: The iShares U.S. Oil Equipment & Services ETF IEZ. PowerShares NASDAQ Internet Portfolio PNQI Another big week looms for one of the best little ETFs you have never heard of. The PowerShares NASDAQ Internet Portfolio was able to shake off disappointments from eBay EBAY and Google to notch a small weekly gain last week. This week could be make or break time for this high-flying fund. Up 23 percent year-to-date with a P/E ratio of 31, befitting of some of its components, PNQI will be under the earnings microscope as Netflix NFLX, Facebook FB and Amazon AMZN all report. Amazon and Facebook are PNQI's largest and third-largest holdings respectively with Netflix placing sixth. Combined, that is 19.5 percent of PNQI's weight. For more on ETFs, click here.