heavy shorting on the hui ...

With gold recovering strongly you'd think precious metals shares would also rise. So investors who jumped in and bid up HUI stocks soon found out that the rising US dollar gold price was bad for HUI shares, as a savaging took place despite the strong gold price, so wiping out their gains.

For example, Agnico Eagle Mines was shorted from $64.78 to close at $62.75.

See http://www.kitco.com/pop_windows/stocks/hui.html