$2.90 is the 25% retracement......of the 2008 lows (0.82) to March 2010 high (9.41)...I'm talking XRA rather than XRC...2.50-2.60 would close the gap from the run-up that began mid-2009...this grind lower has lasted 20 months and in that same time POG has gone from 1150-1250 to 1650-1700...point is, that the risk:reward is starting to stack much higher in favour of longs. scaling back in...keeping it small. just sayin'...sjm