It's becoming clear that a market rotation is underway. Higher risk Nasdaq and small cap stocks are underperforming after a muli-year run of outperformance. On the surface, it looks like the market has turned risk-off. However, if that were the case, then Venture would be tanking once again. But for the first time since 2010, Venture is still up year-to-date at the end of April. Which tells me the rotation is actually a switch from growth to value. Even the tech stocks that are outperfoming are the ones that are now deemed to be value – such as Microsoft & Apple.

As far as value goes, some of the best places to be are the beaten down resource sectors – PMs, base metals, uranium, coal. All of these sectors, as well as juniors in general appear to be in multi-month basing patterns. There's no telling when they break out, but when they do, the moves should be significant – and fun to trade.