Today's market action is largely defensive in US Stocks, being led by Cons Staples (PG 1.53% ,CHD 0.86% ,EL 2.31% ,KMB 0.48%  leading) while Telecom also making good strides on positive VZ news. Airliner stocks likeUAL -0.45% ,LUV 0.06% , andAAL -1.66%  along withDAL -0.50%  are all up more than 3%. SPX is lower by jjust 6 points, but strength is largely only in major groups like Comm Svcs +0.90% and Staples +0.50 while REITS, Discretionary, and Healthcare are all lower by -0.50-0.75%. US Dollar along with Yields are both pushing higher again, and this move looks likely to extend into February before a turn back lower. The chart below is VZ, as Telecom lead strength within the Comm Svcs group- Note that VZ bottomed at nearly exact 50% absolute retracement of its peak in late 2020, and has turned up sharply in recent weeks. VZ target is in the mid-40s where i expect this will encounter resistance before it gets above its own 50% retracement level- Telecom attractive for short-term only given this recent surge in momentum, but both T and VZ, have meaningful intermediate-term downtrends and expect this slows both these stocks over next month. For those sniffing out Telecom, its TMUS that stands out as being most attractive- Below is Verizon -VZ 0.57%