Lots of bottoming candles on individual stocks today. Venture is back at the bottom of its downtrend channel. Odds favor a move towards the middle of the channel before the next and hopefully last wave down. Probably gets to the 1650-1700 range before it rolls over again.

US markets have yet to crack, but I think they eventually will. Markets deemed to be higher risk, such as the Hang Seng and Venture are badly broken. I don't think it's possible to be bullish on junior resource stocks and be bearish on the US markets at the same time. It just doesn't make sense - during meltdowns, US markets always seem to hold up better. However, they usually succumb eventually.

Volume patterns and underperformance by the Venture make it likely that once again, this is probably just a temporary bottom. Before I feel comfortable that a true intermediate bottom is in, I need to see one of 2 things - either a classic capitulation day (it may seem like it, but we haven't seen that yet), or an outperformance by the Venture, such as a new low on the US markets without a new low on the Venture.

I still think it's best to sell strength and look to buy it all back when a better looking bottom is in.