Dion's Tuesday ETF Winners and Losers

NEW YORK (TheStreet) -- Here are today's ETF winners and losers.

Winners

iShares Dow Jones U.S. Home Construction Index Fund (ITB) 2.3%

March new home sales data came in weak, but homebuilder ETFs like ITB and the SPDR S&P Homebuilder ETF (XHB) are still scoring standout gains. Some of this strength is likely attributed to the news regarding the February report which was revised higher.

The residential real estate industry is still under a great deal of pressure. ITB and XHB are not funds I would encourage conservative investors to try their luck with.

iShares MSCI Italy Index Fund (EWI) 1.9%

After yesterday's disappointing trading session, sellers are taking a slight breather. In response, battered funds linked to the European Union like EWI and the iShares MSCI Spain Index Fund (EWP) have been given the go-ahead to march higher.

EWI has tumbled back to 2012 lows. In the days ahead, it will be interesting to see if this level holds.

iShares S&P Global Telecommunications Index Fund (IXP) 1.8%

A strong earnings report from phone giant, AT&T is helping to propel IXP and other telecommunications-focused ETFs into positive territory. This sector is typically considered a relatively safe corner of the markets, but investors should use caution with funds like IXP and the iShares Dow Jones U.S. Telecommunications Sector Index Fund (IYZ). Both products are notoriously top heavy.