We spent the day yesterday in cash watching the market go up 223 points or 3.9%. It can be stressful not making any money,  but its a lot more palatable when you're not losing anyone any money. We list the positives and negatives in the strategy piece today and deliver on our promise to dissect the anatomy of the recent fall and there are some very interesting observations not least of which is that there has been a significant rotation in the last week from recovery sectors to safe sectors. The other observation is that the technology sector is still outperforming. It seems to be adopting the US identity of being a safe or at least, desirable, sector in a COVID-19 world. On that front we have highlighted a good article on Livewire today about the digital growth companies benefiting from COVID-19 and we have also highlighted a few Non-Member emails and answered them today. Still in cash and, whilst we are open-minded, in the new volatility, we don't expect that to change for some time.