Starting to look like the Venture is finally losing momentum. Each peak seems more laboured and corrections appear more frequently. Also, during the entire run from last July, Venture dramatically outperformed the TSX. Now, the TSX is starting to outperform - looks like a shift towards larger cap stocks is underway.

If this continues, a significant intermediate top is likely in a few months - a narrowing group of big cap stocks can only support the market for so long. This fits well with the presidential cycle & seasonal trends - spring rally should end around June.

Meantime, I've decided to reduce my exposure to small cap stocks and move up the food chain. I think there's still money to be made, but the fantastic run in the small stocks appears to be nearing an end (I hope my crystal ball is wrong about this, but I'm not going to chance it).

There is one sector where small caps may still outperform - energy. Most of the big caps have moved, but a lot of small ones have lagged, and may try to catch up. I plan to concentrate on this sector for a while.