Another reason Packer might have been happy to pay $12 is that...

Another reason Packer might have been happy to pay $12 is that he knew eventually it would get back up there, and if it tries to break up from $12, which is MAJOR MAJOR resistance, he's helped the cause by taking out a fair whack of supply at that resistance level. Result: a move through $12 should be easier and quicker. (we've been trying to break $12 since 16th Oct. Maybe this time it will happen )
Incidentally, the volumes are fairly high today on an upday...good sign