Powered by the PM stocks, Venture was up 3.66% this week, blowing away all other North American indexes - on good volume. Venture is now up over 8% in January and 15% since mid-December. Better yet, the worst, most beaten up stocks are doing best - pretty much what one would expect after a massive selloff.

So the implication is that the risk-on trade is continuing to return. This bodes well for stocks in general, and juniors in particular. Short term, we are overbought, so a pullback is overdue. If the Venture outperforms during the next pullback, that would confirm the risk-on trade, and we should have a nice run until spring - especially in the juniors.