Here are the key points from the latest PortfolioDirect investment report. There has been no improvement in overall cyclical positioning with commodity markets still classified as moving along the trough of the cycle. Exchange rate movements are playing an increasingly prominent role in investment decision making since currency markets are one of the few available release valves allowing relative price adjustments to central bank efforts to bid up financial asset prices. Oil, gold, European equities, Japanese equities and S&P 500 versus and the Russell 2000 were driven increasingly by exchange rate movements in the past week. Larger resources stocks performed better than the smaller cap companies. The Phase I group continues to face strong headwinds - unable to raise capital without exploration success and unable to find exploration success without adequate funding. There were no portfolio changes recommended in the past week. (VIEW LINK)