Tuesday, June 22, 2010

Tuesday's action

I was away most of the day celebrating my daughter's birthday but here is one observation - the trend is down.

Monday's reversal at the 50-day average was confirmed. But as it was a problem on the way up, volume was not terribly impressive today. The only saving grace for the bears was that volume picked up noticeably as the sell off progressed.

4 comments:

MrWave4 said...

Hi Michael,
Not sure if you are able to display a chart of the State of Illinos Credit Default Swaps for your readers. As the boys in Gainesville point out this is a proxy for California debt. Its taken out the price extremes we saw in Nov 2008.
Cheers

Quick Takes Pro said...

Unfortunately, I use a rather generic data system (eSignal) and do not have a boatload of interesting stuff. If anyone wants to spot me a Bloomberg, I'd be most appreciative).

I did see something on the tube today about the Illinois teachers pension obligation. Basically, it will be impossible to pay. Time to short Illinois munis, I suppose.

bmbull said...

Michael,

Went to read you column today, but Barron's has it behind the pay wall. Is this a new development or a mistake on the site?

Quick Takes Pro said...

I was unaware of any changes to the Barron's site but I will ask.