Read Henry’s Take about the See-Saw – “On one end of the seesaw are the virus and its economic impact. On the other end of the seesaw are stimulus and vaccines. They appear now to be equally poised. The market does not seem to know which way to jump.” – Technically the next market trend has yet to establish itself. The risk of a NSW lockdown and Victoria wearing masks dents Australian economic hopes. Bond markets disagree with equity markets – record low bond yields suggest a subdued economic trajectory. We prefer to ride out this moment on the shore rather than in the market – we have no risk and all the power to get involved should we wake up and make that decision. In the Strategy section today you will see some mild sell signals on APT and a list of Technology ETFs which are three months too late!