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Defensive stance seems prudent

gm-  Technical trend looks to have limited upside,   Futures are down near lows of the last 2 days with WMT early weakness putting some pressure on index futures-  UNDER 2460 should allow for S&P to pullback and test last Friday's lows, but 2430 remains the key level, which UNDER would lead to real acceleration- While not immediately expected.. OVER 2474 would be a mild positive and allow for movement up to 2480-5.    Overall, Defensive stance at this point seems prudent given larger amount of deterioration in Small caps, Mid-caps, and start of Financials rolling over after bouncing the last couple months-   For today- Jobless claims 232 v 240  Philly Fed at 18.9 v 18 expected..while industrial production out a bit later.-  S&P lower by about 0.30% and NASDAQ Futs down 0.50%, with most of Europe lower and Asia mixed.   Gold showing further gains, higher by 0.50%, while Treasuries are moderately lower-   Gains today from GST, TXMD, URI, NTNX, while on downside- WMT, LB, LAKE, DRYS, GOGL-  Let me know if you have questions