Despite the Thurs/Friday bounce, US market internals never went positive. So caution is still warranted for US markets, and by extension - Canadian markets.

Venture is now testing last year's June lows. Most likely probability is the test will fail and we go down to the 2008 lows. However, a sharp drop like this does create the potential for a very nice run, but it's best to wait for either a panic day, or for the internals to go positive. I suspect the low will happen in October - because it often happens that way, but we'll see....