This column was originally published on RealMoney on July 26 at 3:00 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.I have suggested a very defensive market position with high levels of cash for several months now. It's better to sit and wait for good buying opportunities to come to you rather than forcing trades just for the sake of being active. Preserve your war chest for those great market opportunities that appear only a few times a year. Unfortunately, most of us aren't that patient. But if you've been raising cash on rallies, you're probably more tolerant of this market, and will be more clear-headed when opportunities present themselves so you can strike well. Right now, traders and investors who feel compelled to be active will find those opportunities in the strongest areas of the market: utilities, consumer staples, large value and pharmaceuticals. If you are going to be active in a negative market, you should focus on areas that are holding up or performing well rather than riskier bets. Defensive issues are the current areas of strength. These sectors behave very predictably when professional investors think there is a possible slowdown in the economy. Institutional investors such as mutual fund managers move the market, and when they need to get defensive, they move to certain sectors of the market. They are mandated to have a majority of their assets fully invested, so they have to go somewhere. That's going to be the assets they perceive to have the least risk: low-growth areas. Institutions move away of more risky areas like small caps, technology and emerging markets and ride out the storm in larger, liquid names that have steady earnings for protection. The charts below show some of the current areas of strength in the market. The Dow Jones Utilities Average is hitting new nine-month highs, but I'd be leery of jumping into them now. These defensive stocks do better when the market is weak, and many income investors use utilities for income because they often pay more than bonds. Strength in this group is also another sign of a slowing economy.