I've never did the hovering before. I literally took 1 hour for study (videos on youtube) and 3 hours for practicing and that is the result:
http://www.youtube.com/watch?v=84FJHk6JRJ0

Lemme know if there's ANYTHING I could do to make it better 'cause this is such a killing effect I'll definitely use on my shows.

------- extra info below -------

• The idea behind the "magnets":
It was to get people to don't think it's a video manipulation (post-editing and stuff) and also to have them relax with my "answer" instead of cracking their brains trying to figure it out. Deep inside they know that's not possible with magnets. And after all, some people don't notice but when I present the wristband I say its a wristband "Completamente Balelo Magnetica", which essentially means "Wristband completely hoax/fake magnetic" and after that "And if I concentrate all my powers of fakeness.."]

• That's what I found on my studies:
I watched more than 10 videos of people performing the Hovering, both with and without the tarantula. I took everything I found it was cool and added some more subtleties.
It seemed as their hands had no control over the ring, the ring was going up and down in a way that was not at all natural.
I was amazed by the amount of people doing such an obvious move! When they're gonna make the ring fall on their finger, they would raise one arm as the ring falls at the same moment.

• What I did:
I tried my best to make it seem as the ring was floating because of some "energy" going around my body and tried to move my other hand as freely as possible without a single movement of the ring.
Before making any movement with the ring, I was stating what I was going to do, like: "I can make it go higher... and then go down... Move it to my other hand."



*note: My english is not that good so if I wasn't clear enough be free to ask!

Great idea!

JMN