I think (in terms of cyclical s) that airlines and tourism (especially here, have hit a ''sweet spot'' and I think the realistic money would be hoping it lasts,rather than expecting it to rocket)
Those holding would want to ride it out for as long as it lasts --but buying in is far more of a risk IMO---to gain alot from this point is asking alot and I get the feeling that covering ground on the profit side is getting on the longer odds side of things when compared with possible downside--Its been a long term gain (7 years) for almost all markets and NZX seems to be riding the peak----Even healthy markets need a reality check once in a while.--The exception would be if more foreign buyers are lining up for a piece of NZ action,but in saying that,that foreign money can go at the blink of an eye ,to safer havens if need be.
That VAH possible sale is one wild card that could help though Roger--good point...It will be interesting to see if it becomes a tussle between Singapore and China..or nothing.