The Financial Post reports in its Tuesday edition that liquidity is flowing again as the U.S. Federal Reserve subtly shifts back toward easing and optimism abounds. Post columnist Martin Pelletier writes, however, that beneath the surface, cracks are forming: U.S. regional banks are under stress; private credit markets are wobbling and gold, despite the recent weakness, is still up double digits on the year -- a classic signal of uncertainty. In response, Mr. Pelletier's Trivest Wealth Counsel has cut its oil and gas exposure significantly, leaning instead into defensive sectors including telecoms, utilities and infrastructure. Trivest is looking at Telus, Fortis, Canadian Utilities and Brookfield Infrastructure for stability and cash flow. For growth, it has allocated to Newgen Asset Management's Focused Alpha Fund, which excels in Canadian small- and mid-cap opportunities. Last Tuesday's sharp sell-off in gold and silver was overdue and perhaps an opportunity for those underweight or without exposure. Trivest even did some buying. For perspective, gold posted its largest daily decline since April, 2013, a healthy pullback after an overbought run. Over all, now could be the time for a "rebalancing."