Two nights of the US market going down 2% is not a good sign. Getting more cautious. Still in the sideways trading range, no break down yet and no need to change strategy yet. We have sold a few stocks this week and cash is back to 10-15% but its not a strategy call it was just selling a few peaking stocks. New risks now compound the virus relapse risk. We talk about those risk in the Strategy piece today - they include the risk of a L not V shaped recovery, Powell's comments about the risk of deep economic damage without fiscal support, the risk that the US markets are back into a bubble and the risk of an emerging market crisis. Would prefer to sell than buy at the moment but not doing anything unless this two day downtrend develops.