It was not easy by any means, but the market managed to finish last week with a gain. The fractional increase in value ended a six-week losing streak.

 

The gains were a bit of a mirage.

 

The major indexes may have closed higher, but many stocks traded lower. Technology stocks in particular were hit hard. Losses in that very important industry suggest that investors are still skeptical about the economy and future corporate profits.

 

Much of the weakness can be attributed to worries about the debt crisis in Greece. There is very real fear that a default will create a chain-reaction collapse in global finances. Until that fear subsides, stocks will struggle.

 

I will never sell stocks based on fear. As such, the ETF to buy this week is the iShares S&P North America Technology and Multimedia Fund (IGN).

 

The issues in Greece may be serious indeed, but they pale in comparison with what transpired in 2008. Banks, or should I call them mints, are printing money under the watchful and accommodative Federal Reserve.

 

If Greece collapses, the losses will be bad, but they will not be disastrous. More importantly, what seems to be taking place is a bit of brinkmanship. It is similar to what is happening at home here with the debt ceiling.

 

Things simply will not get done until the very last moment. Such a state allows fear to fester and stocks to fall. I would play the other side of that trade with long positions in the market.

 

Here are the five ETFs to own this week:

 

iShares Russell 2000 (IWM) – Like technology stocks, small cap stocks struggled last week. The IWM lost one half of one percent for the period. The losses indicate that investors are not yet committed to buying stocks. When they do commit this ETF will likely beat the market by a wide margin.

 

iShares S&P North America Technology and Multimedia Fund (IGN) – The IGN was down significantly last week. The ETF lost more than 4% for the week. At the same time did you notice the results at Best Buy? The large electronic retailer bested expectations thanks to smart phone sales. In this instance the sector is stronger than the sentiment. When sentiment turns, watch out.

 

SPDR Dow Jones Industrial Average (DIA) – The Dow Jones ETF was a fractional gainer last week. With whatever buying mentality that existed last week, investors gravitated to larger industrial stocks. I like to think of this fund as a shock absorber. During periods of uncertainty the Dow is a good index to own.

 

PowerShares Dividend Achievers (PFM) – Dividend stocks also gained fractionally last week. With interest rates so low, investors have few alternatives when searching for income. Dividend stocks remain an attractive option. Demand should be high supporting value of the PFM.

 

SPDR S&P 500 (SPY) – From a valuation standpoint the S&P 500 is now cheap. It will likely take earnings to kick start the market to the upside. With the second quarter winding down, some investors may wish to place their bets on the upside in advance of earnings reports. I expect gains in the SPY this week.

 

Keep an equal weight in the five picks above.