The ABX-HE-BBB- that tracks the collapse of subprime mortgage  papers at the secondary market dropped another 3% this week and 13% below November.

ABX Feb01

Anything that shows up like that on the charts must scare a shit out of any investor. I think the complete collapse of subprime mortgage market is very near. I would call another 2 weeks before we’ll see scary headlines at Bloomberg and Wall Street Journal.