Again!?

Where we're at:
DJIA: 12,880.09
s&p: 1362.16
10 yr: 1.66%
s&p P/E: 21.88
VIX: 17.08

equity: 31
bonds: 33
cash: 35

1yr: .1

Withiut warning, IT had another (4th in 3 years?) reduction, 10 people cut on 06/28.  This one 'feels' different though, not just a cost reduction, but the 'business' saying "you people don't add any value, so you are GONE."  Several long timers and several who were assigned to a particular project that doesn't seem to be going very well.  Also in the month, 4 of the offshore people on my team were cut.  They're fine, I'm sure.  So, the layoff cloud moves back over and stays in place the rest of this year.  I'm not too nervous but I think most people better be looking over their shoulder.

Europe decided to intice people to buy risk assets again on 06/29 by coming up with an agreement to loan money to recapitalize their banks.  I rang the register twice this quarter on TXT, just reallocating within the overall portfolio.