The Fed's decision to scale back intended interest rate hikes reflects economic reality.

While we are neutral the broad industrials sector (please see yesterday's Insight) and sub-surface exposure should remain selective, we continue to recommend an above benchmark weighting in the BCA defense index. Following years of…

Economic disappointment represents a serious obstacle for stocks. Stay with non-cyclical plays, including telecom services and health care. Upgrade the managed care group, and stay clear of banks, regardless of cheap valuations.

With the broad market struggling to find a floor in the midst of a disappointing earnings season, it still pays to play defense. This week's ISM releases reinforce that a defensive over cyclical portfolio bias is still warranted.…