The ASX 200 has now fallen on each of the past four days, by a total of more than 4%. Is this the end of the extraordinary rally that began in mid-2012? Almost certainly not.
There had been more upside than downside surprises in the US economic data, causing some loss of traction in the "spring slowdown" story.
A sober budget for election year: changes to super, Medicare Levy up, Baby Bonus gone.