Investors should be playing defense, not offense with the S&P 500 which is up over three percent thus far in 2016, said Todd Lowenstein, senior portfolio manager for HighMark Capital Management. The outlook in his view is a 'little gray'. 'You have an aging market cycle and an aging economic cycle with corporate profits at their peak,' said Lowenstein. 'Complacency is low and you have risks hiding in plain sight like the Chinese banking system problems and emerging market debt.' Lowenstein says HighMark takes a long-term, contrarian approach to investing. Even though he sees problems brewing in the overall market half way through the year, he said he is still finding stocks to buy. TheStreet's Gregg Greenberg has details from Wall Street.