6/4/2013 - "Jefferson County, Ala., took a big step toward resolving its historic bankruptcy case .." reports NY Times (http://dealbook.nytimes.com/2013/06/04/a-county-in-alabama-strikes-a-bankruptcy-deal/?hp) prompted a look at some Muni bond ETF's. The theme is quite clear on all of them and very bearish, a precedent might set off a bunch of others counties to get out of their situations.
Here is a look at the weekly chart for CMF, – iShares S&P California Municipal ETF. It broke support and has ways to go before the next decent support is tested..
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