'RealMoney' Radio Recap: House of Corrections

Looking at the big picture ... the market is having a pretty disappointing reaction, Aaron Task, co-executive editor of TheStreet.com, told "RealMoney" radio show listeners Thursday.

Task, who is filling in for Jim Cramer this week, said that "everything is up, but down from their highs."

Turning his attention to specific earnings results, Task said it was little surprise that stocks such as Network Appliance(NTAP Quote) rose after beating Wall Street estimates.

However, he pointed out that Applied Materials(AMAT Quote) reported in-line revenue, beat on the bottom line and had strong gross margins and bookings above expectations -- and the stock still fell.

Giving listeners a caveat that you can never make too much out of a handful of trading days, Task said it could be another little sign that the market is turning a little defensive in the midst of a rolling correction.

Consumer staples is one place to put your money if you think the market's going to "take a little more of a defensive stance," said Task, adding that Hershey(HSY Quote) and Altria(MO Quote) are two potential choices.

He also said that emerging markets could get risky if the market truly is in the middle of a broad correction, identifying it as a sector that has outperformed over the last two years.

Investors can't expect the same stocks or group of stocks that have outperformed for a couple of years to continue to perform at that level, Task said, adding that the market might start doing a little profit-taking.

"This doesn't mean run for the hills," Task said. "You might want to limit your exposure ... or take some profits off the table before the Street does it for you."