Employment numbers were weak.  Not just the headline number for the current period, but also the revisions for previous periods.

I have trimmed some positions that I did not have high conviction:  RAX, NUAN, CLF, KO and PG.  The last two may come as a surprise.  I still like the stocks, but I think pricing is a bit high (dividend yield a bit low) and I would rather hold the index instead of the individual stocks.  It is a bit simpler.

Simple is good.

TIPS have started to get interesting here at least in the long end.  The 30 year is now trading at a 1.38% real yield.  For me, 2% is a magic number and I would purchase them again at that level.