Steel (SLX) ETF Rides the Waves
August 22nd at 11:12am by Tom Lydon
Many exchange traded funds (ETFs) have had wild rides and large drops lately, but the Market Vectors Steel ETF (SLX) is one that has shown significant bipolar performance. At its high in July, it was up 57% year-to-date. As the subprime problems and credit concerns continue, it has people in the steel industry concerned that consolidations could end, according to Ian Salisbury for the Dow Jones Newswires. These fears have sent steel stocks spiraling downward. SLX is another example of a strong ETF that suffered a hard, fast fall. However, ETFs that take a tough beating tend to recover the best. SLX is currently above its trend line and is up 27.2% year-to-date.
