The current run up in the market is clearly a case of "green shoots" leading to an overshoot, says Joseph Poon, head of Macquarie Private Wealth Asia. The recent rally faltered on worries that rising yields on U.S. government debt could push up borrowing costs and hamper a potential recovery in the world's largest economy.

“Going forward, the easy trade is behind us now,” he warned on CNBC Asia Pacific's "Protect Your Wealth", noting that though the financial crisis is behind us, the economy is still not out of the woods.

A long-term investor’s equity portfolio should contain less high-risk beta stocks and more defensives as Poon does not believe the U.S. consumption story is going to return anytime soon.

He advises buying into domestic-related stocks as opposed to pure export plays in Asia’s retail sector, looking at companies and sectors, such as financials, where the “optimism is more real”, as there are no tangible signs of a rebound in consumer consumption from the G2 countries.

“Until we see retail sales on a even footing for several months … I think we're a little early in that game to play that particular recovery,” cautioned Poon.

Comments? Questions? Send them in here.

Catch "Protect Your Wealth" on CNBC's Asia Pacific network every Tuesday on "CNBC's Cash Flow," Wednesday on "Asia Squawk Box" and Thursday on "Capital Connection."

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