"The situation is complicated by frozen credit markets that may impede the state's ability to borrow as much as $7 billion of short-term notes next week. Without the loan, the state could run out of cash by month's end."
"The first quarter of the fiscal year has just ended, and we already are short $1.1 billion,'' California Controller John Chiang said in statement. "Revenues are deteriorating faster than expected, and September's cash flows send strong signals that the recently enacted budget is more out of balance than we feared.''
"...lawmakers agreed to cut $8 billion in spending and raised fees and tax penalties on corporations. The actions did nothing to address the ongoing gap between revenue and expenses, and the deficit for the next fiscal year is expected to exceed $6 billion."
"California, the biggest borrower in the municipal-bond market, has $51 billion in general-obligation debt outstanding. The state is rated A+ by Fitch Ratings and Standard & Poor's, the fifth-highest rankings, and a comparable A1 by Moody's Investors Service."
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.