ABX swan dive ...

Incidentally, the so-called "ABX indices" that everyone follows so closely these days are plunging. These are the indices that track the value of credit default swaps on high-risk mortgage bonds. A declining index value means that market players are growing more afraid of mortgage defaults and subprime bond price declines.

I especially like the comments I've been getting in my email box from a small firm that follows the bonds closely. One sample:

"ABX BBB- 07-1 45 middle ........ also markets are such that one could drive a mack truck through them ...... trew them ....... in my best brooklynese!!"

For more details, you can check out this item from Realmoney.com or this story from Reuters.