Help with (what I thought was) a basic fade/hover :(

Help with (what I thought was) a basic fade/hover :(

Here's the code I have (I'm using it along with a textarea resizer):

<!-- JQuery -->
   <script type="text/javascript" src="js/JQUERYlatest.js"></script>
   <script type="text/javascript" src="js/jqueryResizeTextarea.js"></script>
       <script type="text/javascript">
      $(document).ready(function() {
         $('textarea.resizable:not(.processed)').TextAreaResizer();
         $('iframe.resizable:not(.processed)').TextAreaResizer();
      });

      $(".opaque img").fadeTo("slow", 0.6); // This sets the opacity of the thumbs to fade down to 60% when the page loads

      $(".opaque img").hover(function(){
         $(this).fadeTo("slow", 1.0); // This should set the opacity to 100% on hover
      },function(){
         $(this).fadeTo("slow", 0.6); // This should set the opacity back to 60% on mouseout
      });
   </script>


Here's the image:

<a href="http://www.mydomain.com" class="PoweredBy_"><img class="opaque" src="img/myimage.gif" alt="img" width="168" height="24" border="0"></a>

Why isn't this working? I'm not getting any errors in FF but nothing is fading.