ETF to Watch: Rare Earths (REMX)

Source: ETF Database (8/12/11)

"REMX has been severely beaten down by the market selloff in the past few days, but investors should look for REMX to trade sharply higher."

ETF Database

Investors should look for the Market Vectors Rare Earth/Strategic Metals ETF (REMX) to be in focus throughout today’s trading session. REMX tracks the Market Vectors Rare Earth/Strategic Metals Index which is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies primarily engaged in a variety of activities that are related to the mining, refining and manufacturing of rare earth/strategic metals. Molycorp makes up the third biggest holding of the fund at just under 8% of total assets, just barely trailing Lynas Corp and Iluka Resources. However, MCP is the biggest holding that is traded in the U.S. and as such, it may have an outsized impact on the fund’s outlook and performance, especially for North American investors.

REMX has been severely beaten down by the market selloff in the past few days as the fund has lost close to 21% in the past two weeks alone. However, yesterday the Van Eck product had a gain of 5.3% which obviously helped to eat into this terrible stretch of losses. Given the solid performance of MCP after the bell and the robust outlook given by the firm's CEO for the rest of the year, investors should look for REMX to open Friday trading sharply higher, potentially allowing the fund to claw closer back to break even for the year on what has been an extremely volatile week in global markets. . .View full article

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