Maybe not so much the
Death of Equities cover:
click for larger graphic
But more like this ad from
Internet.com:
P R E S S R E L E A S E S
Corporate Information
INTERNET.COM'S ISDEX, THE INTERNET STOCK INDEX, BREAKS 1,000, A GAIN OF 1000% IN LESS THAN FOUR YEARS
The dateline on that one is March 10, 2000, the day the NASDAQ set its all-time closing high, 5048.62.
I am not saying the rare earth stocks topped today, just that the feel is similar.
Besides, the REE stocks are only up three digits, on average.
Anywho, here's Tickerspy:
Tickerspy.com Announces New Stock Index Tracking Rare Earth Mining Stocks, Including Molycorp, Rare Element Resources, China Shen Zhou Mining, and Avalon Rare Metals
PR Newswire
PRINCETON, N.J., Jan. 5, 2011
PRINCETON, N.J., Jan. 5, 2011 /PRNewswire/ -- Tickerspy (http://www.tickerspy.com), an investing website featuring over 250 unique, proprietary Indexes, announced the creation of the Rare Earth Mining Stocks Index, which includes among its components Molycorp (NYSE: MCP), Rare Element Resources (NYSE Amex: REE), China Shen Zhou Mining (NYSE Amex: SHZ), and Avalon Rare Metals (NYSE Amex: AVL)....MORE
Here are the
components:
See the problems?
REMX is an ETF.
In itself it is stupid to put a fund into an index because you are double counting the components shared by both.
Even worse, REMX's portfolio is stuffed with names such as Titanium Metals, Thompson Creek, China Molybdenum Co Ltd etc. all of whom may be fine companies but don't have much, if anything, to do with rare earth elements.
And then there's SHZ. As we saw in yesterday's "
Crapsky! I Forgot to Include the Punchline to"Today's Rare Earth Winner: China Shen Zhou Mining & Resources Inc. (SHZ) UP 15%...":
...It mainly mines fluorite, an ore mainly used by the steel industry as a melting agent, and by the chemical industry in making hydrofluoric acid, but not one of the 17 rare earth elements.
I usually like Tickerspy but this is just shoddy. Don't get me going on index construction.
[
I bet you're a blast at parties -ed]
