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An interesting change of themes today, the big question is whether it will last or evaporate. We have gone from the assumption of a faultless economic recovery to worrying about a new pandemic wave in the northern hemisphere. Meanwhile a string of US economic numbers undershoot. As recovery doubts creep in, interest rates peak, the Aussie dollar falls, interest rate sensitive sectors bottom, technology bottoms and the energy and travel sectors come off the top. In the Strategy piece today we talk about what you would do if the recovery stalled (some major themes change) and what we are doing about it now. Otherwise the market has survived, a quietly positive day over all with energy and travel down and technology up.