This morning, we raised some cash in our clients’ accounts. I sent an email to all of them explaining what we did, and the basic thought process behind the decision. Simply put, we had intended to decrease our equity allocation, an overweight, at some point this Spring; we just weren’t completely sure of the exact timing. While I would have liked to have waited until May to make the initial trades, this morning’s Employment Situation report got me to thinking: “why are you waiting? Don’t try to get too cute; no one really appreciates it.”
After all, we had generated the necessary trades previously this week; all we had to do was execute them. In so many ways, we were all dressed up and ready to go. This morning’s awful, and I really think it was, report just expedited the process.
But what made this morning’s report so bad? The Unemployment Rate fell from 7.7% to 7.6%. The economy officially created 88K jobs, which was less than expected, but still better than shedding them, right? On its face, naw, it wasn’t a good report, but awful? Come on Norris…Read On…
The opinions expressed within this report are those of John Norris as of the initial publication of this blog. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders, and employees.