To me the outlook on these four key variables -- Spain, interest rates, earnings, and employment -- is more negative than positive. Accordingly, I'm advising investors to take profits when the markets are rallying. Secondarily, look into sectors that are more defensive and impervious to sentiment. I like telecom. Verizon ( VZ) just had an impressive earnings beat, and Bell Canada ( BCE) has a delicious 5.40% yield. I also like consumer discretionary ( Proctor & Gamble ( PG) is a favorite), and health care (we like Johnson & Johnson ( JNJ) and CVS ( CVS)). As I have said before, go to the strong balance sheets and reliable revenue stream. This article was written by an independent contributor, separate from TheStreet's regular news coverage.