Unable to control opacity of image inside div

I want the image inside the div to be opaque and the div to be transparent. I tried to set the opacity of the image and div, but it does not work.

jsFiddle Link: http://jsfiddle.net/2BNEF/10/

I want the image to be opaque and the text to be transparent.

<div id="targetframe">
    It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using 'Content here, content here', making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for 'lorem ipsum' will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes
    <div id="target">
        out. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using 'Content here, content here', making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their defaul
        <img class="myimage" src="http://www4.picturepush.com/photo/a/1365552/480/trucks-photgraphy/asdf-%2858%29.jpg?v0"/>
    </div>
</div>


#targetframe {
    background: none repeat scroll 0 0 black;
    border: 2px inset grey;
    font-family: Verdana,sans-serif;
    left: 0;
    margin: 0;
    overflow: hidden;
    padding: 0;
    position: absolute;
    top: 0;
    opacity: 0.5;
}
#target {
    background: none repeat scroll 0 0 transparent;
    height: 100%;
    left: 0;
    position: relative;
    top: 0;
    width: 100%;
    z-index: 0;
}
.myimage {
    opacity: 1;
}