The market is behaving itself again this morning with recovery stocks in the lead and a solid performance from one of our big overweight positions in Macquarie. I've done a series of one line bullet points on strategy this morning and summarised the major themes from last week. For now the low looks to be in and until proven otherwise we're going to assume the market is in recovery phase. We are moving from the 'market' issue to identify more subtle sector themes and within that will be classifying stocks as likely to see V, U or L shaped recoveries to help us decide which stocks to play in the next phase of the market recovery. It is still too early to buy that predictable boring long term quality stock portfolio, there's too much recovery potential in other stocks to be had.