V-shape Recovery Cancelled?

The headline of rising COVID cases in several spots in the country has started to hit market sentiment. We could see this trend in smart thermometer data for a little while now, but it took until today for the market to care.

A V-shape recovery with no major second wave was one of the pillars holding up the rally int he stock market. As my base assumptions have changed, I exited my long Beta positions and added a small SPY put position.