When looking at a chart for the ASX200 or the all ords, it seems that as of November 2012 the general share prices began to rise significantly above historical averages.
Whilst around that time, profits in the consumer discretionary or most other cyclical sectors hadn't really improved to the extent which would warrent such a rise. I realise the market is forward looking by approx three to six months.
What I'm wondering, is was there a single factor or multiple factors which triggered this rise? I'm looking at the westpac consumer sentiment indicator which does (on average) show an improvement around December 2012 which you could say is when the market broke from it's previous high (after a low). Does anyone know if it was consumer sentiment which triggered this rise or was there another significant factor. Chart below.