Fear of municipal bankruptcies. I made a bundle off PCQ after Whitman's dire forecasts dropped it to sub $11 range. Got out when it hit 14-ish. Around 13 is fair price, 12-13 a bargain. If it falls below 12 again, back up the truck and load as much as you can. State constitution requires that bondholders be paid first. You have very little risk with this one.