A Look Ahead: Next Week's ETFs to Watch (GAZ, OIH, GDXJ)

One thing is for certain: The just finished trading week did not lack for excitement. Whether it was China roiling global markets with more

or a suspect ETN

this was not a boring week by any stretch of the imagination. With some earnings reports worth watching starting to creep up on us and the lingering risk of global macroeconomic issues ruining the market's upward momentum, plenty of ETFs will be worth a trade or two next week. Here are few that made our cut.

In the wake of the VelocityShares Daily 2x VIX Short-Term ETN

debacle, a lot eyes turned to the iPath DJ-UBS Natural Gas TR Sub-Index ETN as a potential candidate for some ETN/net asset value carnage. As we noted this morning, GAZ entered Friday trading at a massive premium to its indicative value. The ETN was hammered today, losing almost 7% on above average volume, but its Friday closing price is still almost double Thursday's indicative value. More downside? Maybe.

This isn't necessarily a bullish endorsement of the Market Vectors Oil Services ETF, but the ETF finished a lousy week with a strong performance, gaining 1.6% on decent tape today. OIH seems to have found support at $41 and that could result in a nice technical setup for traders next week. Of course, higher oil prices would be helpful.

Chinese stocks and their corresponding ETFs listed here in the U.S. have become a real battleground thanks to China's spate of bad economic news. Seriously, it feels like not a week goes buy when China doesn't spook the global marketplace with another glum economic data point. The reality is the Chinese economy, the world's second-largest, is probably in for a hard landing and that means FXI, the largest China-specific ETF, will be in for a hard landing as well.

While China ETFs look unappealing to say the least right now, the same should not be said of all ETFs tracking emerging Asian economies. THD is easily one of the stalwarts of this group, if not the outright stud of the Asia ETF group. THD is trading within 1% of a new high, has an exceptional chart, clear momentum and volume has been noticeably higher in the fund in recent days.

This is a prime example of don't be fooled. The Market Vectors Junior Gold Miners ETF had a nice day on Friday. The ETF has a nice yield of almost 4.2%. Don't be fooled by either of those seemingly bullish points. GDXJ's chart is weak as is the chart for gold futures and gold-backed ETFs. The path of least resistance is clearly lower for GDXJ. In fact, the ETF could retest its 52-week low in the near-term.