The market is lacking conviction. Volumes are dropping. Interest is low. There are sell signals around on a number of markets and stocks short term. We are increasingly concerned that the equity markets have limited upside without a medical solution. We are poised to catch the bottom of the market and any new uptrend. Whilst we wait we are considering the odds/merits of trading individual stocks whilst retaining an otherwise ‘almost all out’ stance. We still need to buy income stocks in our smaller income SMA but as the market trend fades we are likely to wait for results before buying rather than taking the risk over results. Victorian cases accelerating still. Talk of longer lock downs. Travel stocks taking another pummeling. Gold the sector de jour.