Europe managed to close w/ fractional losses for the day and for the week, though well up above early week lows and in the UPPER part of the weekly range which keeps the trend for Europe bullish . US indices have tempered early gains, still seeing very little volatility in currencies or commodities and just fractional gains for the Treasury market- Utilities are the best performing sector, while Tech is holding its own as #2, up nearly 0.50% and certainly a positive factor in this market where many sectors have begun to weaken- A close at these levels would really constitute a big reversal back up for most of the groups which had turned down and broken trendlines.. like XLF XLI, XLY or XLV , but stocks like MSFT, AAPL, helping to hold up Technology.. while GOOGL has begun to show a bit more weakness- Breadth is around 3/2 positive, but more even in Volume. Materials right now the only sector DOWN more than 0.50%, but Energy, industrials and Staples all negative today.. and some Small Cap outperformance today which is meaningful- OVERALL. Europe and Asia at this point have acted much better than US and some of this is mean reversion with Eurozone stocks playing catchup.. Technology and Financials will be watched carefully into next week as these will be the key-Given what looks to be a LACK of votes for the Healthcare bill and trends for US remain negative heading into next week, despite a couple days of bounce. So a defensive posture still seems correct, favoring Utilities, along with Technology, with a selective stance on many stocks at this juncture.