I watch Shanghai & Venture closely in order to determine whether it's safe to go into the water - they are superb indicators of the risk trade. Currently there is a divergence between them - Shanghai broke the Oct lows, Venture did not. At some point, this divergence will be resolved, but I don't know which way. I'm hoping Shanghai bottoms soon, but there is no technical sign of it yet. Until then, it's best to stay cautious.

Still, I doubt that world markets will ever seriously test the March 09 lows - just too much liquidity for that to happen. The Ben Bernanke will keep the choppers in the air as long as necessary, methinks.