We assess the risk of a relapse in coronavirus cases - there is one - some country curves going up again. Boris Johnson is right, we are at a "Perilous Moment" as countries come out of lock-downs. If one of the big stock market countries relapses everything changes. We're assuming for the moment that won't happen but continue to watch the herd to see if it turns its attention to the theme. Meanwhile we look at a host of sector charts today and identify the sectors that are going to perform well and badly if the market next breaks up or down. We're still fully invested waiting for a break higher. If it the recovery theme cracks we'll obviously have to re-assess.