After sinking to new bear lows last Friday, the indexes have bounced back some this week (up 2% to 3%), though we’ve seen some selling on the early-week pop after a Fedhead implied at least a couple more big rate hikes are likely before year end (markets now see two more 0.75% hikes). Even so, nothing has changed with the primary evidence—the intermediate- and longer-term trends are down for the indexes and most stocks are still buried (80% of names below their 50-day and 200-day lines). Thus, we remain defensive.