The market down over 100 first thing this morning. Volatility is elevated. The headlines are deteriorating. No reasons to step off the shore and set sail yet. Today we highlight a defensive portfolio - a list of stocks that will outperform in a falling market, although we have no interest in losing money more slowly. We also look at the ASX 200 chart and note that we would need another 150 point fall to break resistance. The S&P 500 chart shows the start a new downtrend. All this could deteriorate or recover in a blink with a vaccine or with re-lockdowns - its a bipolar market. Not safe yet. Happy to be sitting it out.