Stay Defensive in this Rally: Strategist

2:00 AM ET Mon, 30 July 2012

"We are staying defensive in this rally because we think that it is probably going to be disappointed, we have watched this movie a few times and we are about to watch it again, what is happening is an announcement by the ECB and then a meeting and then a disappointment," Gina Sanchez, director of equity and asset allocation strategy at Roubini Global Economics, told CNBC.