Whether or not you caught the "Sell in May/Rotate to Defensives" trade this month, the good news is, you're not too late. With stocks paring losses these past three days, the long-awaited correction is looking a little thin now that we're down less than 3 percent for the month. And that's just fine with Paul Simon, chief investment officer of the Tactical Allocation Group, because he thinks there's more to come.

"It's time to take some money off the table," he says. "You'd be wise to look for a better entry point."

His concerns are not unique, but he says the cumulative weight of weaker economic data, sluggish housing, tepid auto sales and the overhang of QE2 ending creates "heightened uncertainty" and that justifies sticking with a now-crowded move towards defensive sectors such as health care/biotech (BBH), consumer staples (XLP), utilities (XLU), and food, beverage & tobacco (PBJ).

"All of the structural problems are still in place," Simon warns. "Can the economy really stand on