Now that foreign concerns are out of the way, U.S. investors can again focus on corporate earnings to determine stock prices. This earnings season doesn't look to disappoint either, as it could be the last before a Fed rate hike, while volatility in various commodity markets could make for some interesting outlooks in the near term.

In particular though, I am watching the following four ETFs as these could be bellwethers this earnings season thanks to recent trends, and the status of some of their top components:

(IEO – ETF report)– The oil market has been very volatile lately, and the exploration and production side can see wild trading. That is why this Zacks ETF Rank #3 (Hold) fund could really go either way this earnings season, as more pain could be ahead, or it may be the start of a turnaround (read the Complete Guide to Oil and Gas ETF investing).

(SMH – ETF report)– Semiconductors are having trouble establishing any rhythm these days with a number of conflicting reports hitting this sector. Concerns over demand are followed by M&A activity, leaving little except for earnings to balance out investor perceptions.

(IAT – ETF report)– Regional banks are an interesting choice in this market environment as interest rates are finally starting to rise off of multi-year lows. And with important Fed meetings coming, companies in banking ETFs will have important outlooks making for a vital earnings season (see 3 ETFs for Rising Interest Rates).

(XME – ETF report)– The metal and mining industry has been an awful spot for investment lately as prices for a variety of commodities have crashed. The fund has lost over 25% of its value this year alone so earnings season will be key to shutting down this trend for this beleaguered industry.

More Information

Are you looking for more on earnings? Make sure to check out the video below which details the four ETFs highlighted above and some of the key companies to watch in these markets: