I was hoping Venture would not make a new low, but as always, hope is not a trading strategy. It is currently 34% below its March high - a rather severe correction by any measure. No significant support until the 1450-1470 area (where last year's run started). I remain cautious until we hit that point, or we get a super-strong panic day. Of course, a super-strong panic day would probably get us to that level.

Junior resource stocks simply do not work during the fear trade. But at some point within the next few weeks, I think someone will throw the switch, and we'll be off to the races.