We have been more cautious regarding the overall market as the Russell 2000 $IWM has been underperforming lately and broke important support on Friday. Today, the $SPY brok through the uptrend line which has been defining the uptrend for 2012 and it also broke a short term level of support. The longer term trends are still higher for all the benchmark averages we follow, but with short term trends deteriorating we still need to play a strong defense.