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In Monday’s power rankings, the Fast Money traders take a look at the top five states with the biggest budget gaps. They follow:
States With Biggest Budget Gaps
California - $17.9 Bln.Illinois -$13.5 Bln.New Jersey - $10.7 Bln.New York -$8.5 Bln.Connecticut -$5.1 Bln.Source: WSJMunicipal bonds have been hard hit because of concerns about states' spending into year's end. But could this be a buying opportunity instead?
For insights we turned to top muni bond expert Alan Zafran of Luminous Capital. He tells us munis may be oversold due to all the negative headlines and recommends putting a few names on the radar in anticipation of a bounce:iShares S&P National AMT-Free Bond Fund BlackRock Muni Intermediate Duration FundTrade Thesis: Year-End Muni Bond BounceBut these are trades, he adds. Trends hitting the market on the long end of the curve may persist. I would not recommend buying long-term muni bonds as a long-term investment at this point.
Hear more from Zafran. Watch the video now!
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