Contrarian trader Steve Cortes says it's time to get defensive, despite consensus reaction to...

|By:, SA News Editor

Contrarian trader Steve Cortes says it's time to get defensive, despite consensus reaction to the Fed's move to keep rates at historic lows into 2014: “So far, at least, the response has been very underwhelming, and the reason is because monetary policy is like a narcotic. The more you take it, the less it works." He likes the classic defensive plays: bonds, utilities, tobacco stocks.