We need to work off some of the artificial strength that has resulted from high QE2 expectations and simply price in the fact that our economy is growing again, albeit slowly.
This has created an irony: corporate Germany has gone from strength to strength even as the economy, beleaguered by high costs and rigidities, has faltered.
For the rest of the retail segments, the jury is pretty much still out, although the pockets of strength in some of the high-end retailers has helped turn around some of the post-election doldrums they were showing.
Meanwhile, the high-tech boom that began in the 1990s has not only survived the intifada but gone from strength to strength, fuelling impressive economic growth.