With hospitalisations spiking again in Texas, Delta now 80% of US new cases, and overall US cases now rising 11% weekly, an urgent response was required. Pfizer, arguably by far the superior vaccine, provides strong defense against serious illness, but not total defense

Pfizer now says, on the back of the results in Israel, that a third booster shot will work better against the Delta variant. However, annual boosters will be required. And the big question of course, is what happens when there is a new variant again. More adjustments and more booster shots is the answer.

This means global travel will not make a full comeback, albeit marginally more open, for perhaps another 2-3 years. That supply chain disruptions will continue, in a diminishing, but still rolling wave around the world type of form.

On the day, we have already seen the biggest quantum downturn for many months. Is the back of the bulls breaking? Or, is this just a grander version of the pattern of no matter how big the sell-offs, the market just goes all the way back top in following days?

My view is that the market will try to rally and fail.