What a month it’s been for exchange traded funds (ETFs)! Most ETFs reached new highs by mid-month only to fall as much as 10% off those high. Large-cap ETFs outperformed mid- and small-caps and small-caps dipped below their trend lines.

Asian and emerging market ETFs outperformed domestic and European ETFs. China was up about 9% for the month, emerging markets ended up roughly 2.5% and Europe was down on average 3%.

Among the sector ETFs, oil was the top performer with USO rising 10% in July. Continued concerns in the housing sector put pressure on the homebuilder ETFs, which lost about 12%.

The general market barely remains above its long-term trend line. If there is more downward movement, the trend could change. Currently, the S&P 500 is 0.4% above the line.

Click here to view the July ETF performance report, and see how ETFs did in each area.

Tags: Large-Cap, Sector ETFs, Small-Cap, USO