Decent Yields, Curious Charts With These ETFs (EWD, AMLP, EWI)

Our last look at ETFs that smelled of of yield trap turned up some interesting candidates. It looks like some traders and investors took note of the yield trap advice because in the month that has passed since that piece was published, the ETFs featured have plunged.The best performer of our yield trap in the past month has been the iShares MSCI Austria Investable Market Index Fund (NYSE: EWO), which has fallen just over 3%. On the other hand, the Global X Copper Miners ETF (NYSE: COPX) has dropped more than 9% while the Market Vectors Solar Enegy ETF (NYSE: KWT) has plunged 16%.It pays to be cautious when hunting for yield with ETFs. This list features a mix of potential yield opportunities and a couple of ETFs to tread carefully with.iShares MSCI Sweden Index Fund (NYSE: EWD)The virtues of the Scandinavian investment have extolled several times this year and Sweden remains a solid bet for investors looking for some conservative Nordic exposure. For better or worse, this is what income investors are up against in this era of depressed interest rates: The 3.5% yield on the iShares MSCI Sweden Index Fund qualifies as "decent" these days. Treading cautiously after a strong volume decline of 1.5% on Tuesday, EWD's chart is strong as long as the ETF remains above $28. A move above $30 on above average volume would confirm a new leg higher.iShares MSCI Italy Index Fund (NYSE: EWI)Further south in Europe, investors can grab another 65 basis points of yield while taking considerably more risk with the iShares MSCI Italy Index Fund. A look at EWI's year-to-date performance is sort of misleading because the fund is solidly in the green. A look at the chart indicates there very could be more downside to come and it may just be a matter of time before EWI yields 5%. Translation: EWI is more yield trap than value proposition. A weak chart says as much.ALPS Alerian MLP ETF (NYSE: AMLP)As yield plays, MLPs and the corresponding exchange-traded products are always tempting and they've spent the past several years rewarding income investors. But there may cracks in the wall. As ETF Trends noted on MondayAMLP really lagged the S&P 500 in the first quarter. As in the ETF was up less than 2% while the S&P 500 was up nearly 13%.AMLP's chart isn't especially compelling at the moment and there are cost issues to consider before blindly embracing this 5.86% yield.iShares MSCI Malaysia Index Fund (NYES: EWM)Malaysia may not be the first stopping point for investors looking for yield in the emerging markets, but it should be noted EWM does yield north of 4%. The trick here is that EWM is home to a strong chart and is flirting with a new 52-week high. These are the tactical options for getting involved with EWM: Wait and see if the ETF continues to consolidate in the $14.50-$14.75. Wait for a strong volume breakout above $15. Or wait for a pullback to the 200-day moving average. That would mean a decline of almost 8%, a move that we do not view as likely in the near-term.