The rally that began in 2012 has merely taken a breather. And it has occurred at crucial point in history as the earnings handbrake that has constrained the non-resources sector has begun to be loosened.
For all the talk of transition and rotation in recent times, the past few weeks has been dominated by just one factor. Fear.
Has the rally run its course? Is Australia on the precipice of a recession? Is it time to switch back to cash?