The crystal ball isn't bruised, just AWOL (like Bush on 9/11). The problem is, there is no way to gauge the fear trade right now. The Venture exchange is right on the trendline from Dec 08. It should bounce from here, but if the fear trade stays on, small cap explorers will not do well. If the Venture cracks, the correction could last until the fall. Gold and gold producers could do OK. Are IPT & RKN explorers or producers?

I've sold a lot of my Venture holdings - I still hold EVG (seems like the selling is washed out), KMK (the story), and half of my SQI (might sell the rest today). As you might expect, the market is extremely oversold so a bounce is due. If we can time it right, there is money to be made.

I hope to get the crystal ball back by early next week.