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I agree, the upside does seem limited to 5-10 points in the S&P right now. It is amazing how the market is being propped up every single day. And it seems like the mining equities won't be going anywhere without the correction in the general market.
The downside has been baked into the cake 10 times. So what you will see, is that below there are only buyers waiting for the pray, but no sellers. So who is fooling who?