I agree-- this is a breakout. We ran into resistance right at 1.10, which is an old swing high from early 2008. It is to be expected that people who bought back then are unloading so as to break even.

Here is a bit of my technical analysis for what it's worth. I note that the yearlong consolidation between 50 and 75 cents has been broken with massive confirming volume. Big moves come off of big bases. You can see the upward bias since July, with steadily higher lows as this resource update was anticipated.

I think, in the short run, we could see a retest of the breakout zone around 75-80 cents. If the breakout is real, the retest could be just a one-day event, and then off to the races again. I myself have some buys around that level I'll be trying to fill next week.

All we can do is wait and see now. To me, this looks like the real deal.

Hysteria