Last week went beyond the celebration of the expected election that brought Washington closer to the right and a Federal Reserve that formally announced its intentions to buy $600 billion of treasury securities. On Friday the market move up was reinforced by a jobs number that greatly exceeded expectations.

That news alone sets the table for the must own exchange traded fund. In the wake of the Federal Reserve’s quantitative easing program, the economy is creating jobs at a better than expected clip. Can anyone say inflation and a falling dollar?

Those two combine make gold a must own position this week. Here are my five exchange traded funds to buy this week – including the best gold investment now:

SPDR Gold Shares (NYSE: GLD) – QE 2 is here and so too is a stronger economy than many think. Inflation is taking hold in the effort to kill deflation. The Federal Reserve wants overkill on deflation. That sets the table for gold. It will keep shining this week.

SPDR S&P Semiconductor (NYSE: XSD) – The bull market continues this week. There is no good bull market without a strong semiconductor rally. If you think stocks are moving higher, put the XSD at the top of the list of ETF’s that will move higher as well.

SPDR Dow Jones Industrial Average (NYSE: DIA) – If the objective is to not lose money I can’t take too much risk with these picks. That makes the DIA a perfect selection for this exercise. You can’t get rich owning the Dow, but you can’t get hurt either.

ProShares Russell 2000 (NYSE: IWM) – The powers that be want us to take risk. Investors can get that risk by investing in smaller stocks or an ETF like the IWM. Smaller stocks by their nature entail more risk. If the market is going up they also offer greater returns. We can dip our toes in the water here.

ProShares Short S&P 500 (NYSE: SH) – Last week our five picks made more than +2%. That trailed what the rest of the market gained. We might not make as much when we hedge with an ETF like the SH, but we also sleep easier if the market should drop unexpectedly.

Last week we got our feel good rally. This week the good feelings continue.