The recent spike in daily Covid-19 cases in the US has shattered risk asset momentum slightly but is it really a second virus wave? We argue that we are still in the first wave, why local and targeted measures are more likely than national lockdowns. A new massive spike in Covid-19 cases has all of the sudden challenged the V-bound narrative in markets in particular as the daily cases in the US have reached a new record high level. Suddenly it is not as evident that everything is about to return slowly but surely towards normal. Generally, we find a very low risk of a global dash-to-cash scenario like as in March, ... (full story)