Since Mar 9, 2009, most indexes have roughly doubled (the Venture has tripled). Unfortunately, judging by the fund flows, most people have missed the run (one of the reasons I felt the bull market would continue). People have been withdrawing money during most of the run, and are only now getting back in.

But what now? It seems likely that the market will grind higher for a few more months, but the real easy money has been made, methinks. US markets are consolidating and will probably resolve higher. TSX looks fantastic (with $100 oil & $1400 gold, it better look good). Venture, which has outperformed TSX for most of the run, has not done so in 2011. While it's still on trend, this lack of outperformance is a yellow flag [If Venture once again starts to outperform, I'll jump back in].

Energy and some of the PMs, especially silver, look very good but these sectors are getting stretched. They could still run for a while, but the risks are increasing. Right now, I'm not chasing anything - only buying breakouts from extended bases, and technically sound laggards in these sectors. Not too many of these left - most have either had a great run, or display a very ugly chart.

Overall, I'm still a bull, but no longer charging - more like a sauntering bull.