A recession is still looming over the U.S. economy, but it isn’t doom and gloom for investors, as exchange traded funds (ETFs) still present opportunities.

Gary Gordon for ETF Expert reports that with the Purchasing Managers Index (PMI) below 50, a recession is 80% likely. As of January 2, the PMI was at 47.7, putting us dangerously close to the horrible 47, a sign of negative economic growth.

The Fed will do what it can to help mitigate the severity of any slump. In the meantime, ETFs can give investors a reason to see the glass as half-full. Some of the ETFs Gordon cites as opportunities are:

• These worked in 2007 and should continue working in 2008: Foreign fixed-income, which can be accessed through PowerShares Emerging Markets Sovereign Debt Fund (PCY) and SPDR Lehman  International Treasury Bond ETF (BWX). And don’t forget about commodities, they should continue to do well in 2008.

• Two ETFs that go against the overall domestic trend: FocusShares ISE SINdex Fund (PUF) and iShares Global Infrastructure Fund (IGF).

• International income producers from WisdomTree: WisdomTree Communications Fund (DGG) and WisdomTree Materials Fund (DBN) and WisdomTree Utilities Fund (DBU).