Good posts you guys made, thanks.

Re: capitulation - there is a short-term take on capitulation (day trader or short term trader), and a long-term one. The only one I pay any attention to is the long term one.

Early bear markets are a series of false rallies, ratcheting down the S&P, which we have just started on. Far too soon to call a long-term capitulation.

People suffering on stocks elsewhere often lighten up on exploration stocks. However, that shock has already happened, and stocks with a special story like KXL can make their way even into such a headwind.

Gold exploration juniors are at the most leveraged end of the "whip" of the gold-precious-metal market. The commodity rises, and some months later the miners and then the exploration stocks really jump, like the crack at the end of the whip.

As pointed out before, in bear markets the exploration stocks typically get hit hard (we lost 50%) and a little while later rally up very hard.

The US financials are in uncharted territory, which of course none of us like. It's epically bad there. However, the KXL story is really a terrifically good one, so if the financials downtrend is a gradual one, we could motor right through it.

KXL will be all about news. I am allowing for the occasional bad NR - with so much drilling, not every hole is a great one. But overall, the geology and what we have to date suggests we will have some very good NRs indeed.

I will be basing my thinking not on the next NR, but the next 3 or so.

all best