Earlier this morning, UBS (UBS: sentiment, chart, options) announced that it will close its institutional municipal securities business through what the company terms an orderly wind-down. UBS Wealth Management Americas will continue to provide municipal securities products to private clients by assuming responsibility for secondary trading efforts. Reportedly, UBS's decision is part of the company's efforts to reposition its fixed-income, currencies, and commodities business to focus on core business areas. UBS will no longer offer underwriting and structuring services to municipal clients.

This news surfaced earlier this morning, and the stock gapped higher at the open. Currently the shares are trading above the 25 level, but let's not get the champagne out yet. The 26 level appears ready, willing, and able to provide resistance ... that's the level to keep an eye on before the close.