WHAT TO DO NOW: Remain defensive. The market has gotten off its duff somewhat this week, but as seen the past couple of weeks, there’s still plenty of selling and news-driven action out there. We do think it’s possible a repair process has begun, but right now, the trends of the major indexes and most stocks are pointed down, so we continue to advise a defensive stance. We’ll again stand pat tonight with our four small-ish positions and our big cash position, though we’ll be on the horn if we have any changes (including possibly re-jiggering the portfolio a bit) in the days ahead.