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.
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4 comments:

  1. MrWave4June 22, 2010 at 8:12 PM

    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

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  2. Michael KahnJune 22, 2010 at 8:18 PM

    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.

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  3. bmbullJune 23, 2010 at 7:15 PM

    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?

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  4. Michael KahnJune 24, 2010 at 7:02 AM

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

    ReplyDelete