NEW Market Vectors Rare Earth ETF falls on opening day!!!

Discussion in 'Wall St. News' started by S2007S, Oct 28, 2010.

  1. S2007S


    See what happens when these companies come out with ETFS, usually marks a top, funny how quick they were to bring this to the market and the day they did China announces they will once again begin to ship rare metal overseas once again, sending down the entire group that already in a huge Bubble.

    * October 28, 2010, 1:49 PM ET

    New ETF Falls As China Ends ‘Embargo’ On Rare Earth Metals

    By Murray Coleman

    As we told you yesterday, Van Eck is introducing a new ETF today that specializes in rare earth metals.

    Interestingly, today an article in the New York Times says that China has started once again to ship rare earth metals overseas. It had been blocking shipments, but has reversed its course and reports of renewed supplies are sending stocks in that niche sector down.

    The market has seen prices soar for the metals after China started its unofficial embargo last month, according to the report.

    Shares of the Rare Earth/Strategic Metals ETF (REMX) were trading down more than 3% at 1:28 p.m. eastern time.

    Holdings in the fund feeling the pressure included:

    * Titanium Metals (TIE), down 0.41%.

    * Molycorp (MCP), down 9.93%.

    * Rare Element Resources (REE), down 10.10%.

    Market Vectors Rare Earth Strat
    (NYSEArca: REMX)
    Last Trade: 19.78
    Trade Time: 2:01PM EDT
    Change: 0.00 (0.00%)
    Prev Close: N/A
    Open: 20.50
    Bid: 19.71 x 1000
    Ask: 19.78 x 10000
    NAV¹: N/A
    Day's Range: 19.73 - 20.50
    52wk Range: N/A
    Volume: 1,685,410
    Avg Vol (3m): N/A
    YTD Return (Mkt)²: N/A
    Net Assets²: N/A
    P/E (ttm)²: N/A
    Yield (ttm)²: NaN