May Day delivered a reality check with a fall of 5% in the S&P/ASX300 after rising 8.8% in April. Hopes of a V-shape recovery are optimistic but Australian investors are reacting to market volatility with polar opposite portfolio changes. While one cohort has rushed for cash and safety in the crisis, another group has seized a share-buying opportunity. The S&P/ASX300 bottomed on 23 March at 4,500 and has since risen to about 5,200, but whether those brave enough to buy equities will be rewarded, only time will tell.