There are a lot of interesting themes running through the overnight session in the US - the rotation out of safe defensive sectors like Utilities and Staples (which fell despite the US market being up 2%) and into recovery sectors (Energy, Smaller companies, Airlines and many others) is underway and we are likely to see something similar in Australia as we continue to anticipate the economic restart. There are traffic Jams in China. The Fed confirmed overnight that they will use all tools to support the markets - the "Fed Put" is in place. Wouldn't have expected anything less. Without making an asset allocation decision our interest in recovery plays has left us pretty much "All in" again. Find out some of the stocks we've bought in today's strategy piece.