Mining ETFs Buried, India Funds Rise

Instead, the burden of the fading growth expectations within ETF land fell squarely on the stooped shoulders of the miners and other commodity suppliers. The Ultra Basic Materials ProShares (UYM), which seeks to double the underlying sector index's daily gain, incurred a loss of nearly 6%. The Market Vectors Steel ETF (SLX) got nearly 4% bent out of shape despite its lack of leverage. The E-TRACS UBS Long Platinum (PTM) exchange-traded note converted dismal U.S. auto sales into a 7% decline on worries about reduced demand for catalytic converters, one of the principal end markets for that metal. Other ETFs tracking commodities as diverse as cotton and lead shared in the general disappointment.

Beyond commodities, doubts about the growth outlook and profits jolted power generators' stocks, draining the Utilities Select Sector SPDR (XLU) 3%. The Market Vectors Gaming ETF (BJK) similarly proved to be a losing bet.

And yet the market malaise was contained, despite the rising jobless rate and shrinking construction outlays. The most heavily traded SPDR S&P 500 ETF (SPY) incurred a modest 0.5% loss, less than half that sustained by its nearest volume challenger, the Power Shares QQQ (QQQQ). Among the broadest domestic ETFs, the iShares Russell 2000 Index Fund (IWM) representing 2,000 small caps fared best, eking out a minor gain.

Monday: Fannie Mae

Tuesday: Proctor & Gamble, Cisco Systems

Wednesday: Blackstone, Time Warner, Transocean, AIG

Thursday: Cardinal Health, Sirius XM Radio

Friday: MBIA

Economic Data:

Monday: Personal Income, Personal Spending (8:30 a.m.); Factory Orders (10 a.m.)

Tuesday: ISM Services (10 a.m.), Federal Reserve's rate announcement (2:15 p.m.)

Wednesday: Consumer Credit (3 p.m.)

Thursday: Initial Jobless Claims (8:30 a.m.), Pending Home Sales (10 a.m.)

Friday: Productivity (8:30 a.m.)