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The market has recovered from an 80 point fall to be almost flat as we speak. We've reacted (over-reacted?) to last night's volatility and have sold up a bit. We are getting progressively more cautious. The ingredients for a market top were already in place with the rise in COVID cases globally the potential catalyst for something more precipitous. The fall in bond yields globally suggests a shift from risk-on to risk-off.  Will the "Peak everything" theme include the stock market? Only time will tell. Until then we're hedging our bets and selling a few things.