Veej - welcome to Synergy. I think Peter is unsure of whether or not the top is in. We are due for a decent rally (perhaps a month or so) - unless this rally makes a new high the top is of course, in for now. At this point, there is no way to tell for sure.

But, as usual, I have a guess. I think the correction that started early this month is not of the garden variety like the two others since the market bottomed. The volatility and selling pressure was far more intense, and the Venture exchange finally broke trend. The smaller stocks (deemed riskier) got hit hard. Basically, I don't think the next rally will make a new high.

I believe we are still in a cyclical bull market, but in the early stages of a major correction - which could last until the end of September. This would fit perfectly with the Presidential cycle - the 3rd quarter of a mid-term election year is typically the worst quarter in the cycle. After that, probably a strong rally into the new year.

I suspect the PM stocks will outperform a little, and the timing will be a little different as well.