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.


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.

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...


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.