thank you for sharing

Over the last few months you have been mentioning PZC often as representative of CA munis. The issue, that you may not be aware of, is that PCZ and many other closed end CA muni funds use floating rate leverage to goose their yields. As we all know, that is a recipe for disaster in an inverted yc environment, which the market is clearly reacting to. I don’t know the mechanics of it all, but it can’t be good. A better proxy for the CA muni world may be the plain Jane CA muni ETF CMF. If you look at the charts of CMF vs MUB, you will see they are quite similar as opposed to PZC which has clearly broken support. From a TA standpoint, CMF might even be a few car lengths ahead of MUB in terms of approaching support from above. 

Keep up the great work!