Great January....

Where we're at:

Dow: 13895
s&p: 1502
10yr: 1.95%
s&p P/E: 23.09
VIX: 12.89

equity: 34
bond: 32
cash: 34

1yr: 6.1%

Solid move up for equities this month, maybe some cash moving in from the sidelines.  The AAII  survey is scary, bullish is back ~50%, seems like a time to sell.  I moved some intermediate term bond money into short term investment grade last week, as interest rates are beginning to increase.  I'm investigating lower volatility alternatives for some undeployed cash in a tax deferred account. Some good ideas from various sources and books.

The TXT call was Wednesday, it went mostly as I expected, the EPS number was missed, but the market doesn't seem to care, I think it's a momentum play, who knows where it will stop.  I was encouraged that the TFS wind down report will be removed going forward as the numbers aren't expected to be material anymore.  Great job by TFS unloading non-captive assets.  Hope those folks don't cost themselves jobs by their admirable actions.  CSNA will continue to muddle through, for how much longer is anybody's guess...