RG/AR,
This material is not polyethylene, but, it is advertised as the best material for making strike indicators plus it is suppose to shed water. It does come in many colors plus mixed colors. Hopefully, it will work for you. I know I made a strike indicator from it and then dipped it in Rain-X and let it dry. When I tried it out, it worked really well.
www.flytyersdungeon.com
From Home page go to Fly Tying Materials and then go to Synthetic Hair and scan down to Congo Hair
Hope it works for you.
Warren
Fly fishing and fly tying are two things that I do, and when I am doing them, they are the only 2 things I think about. They clear my mind.