prescient11

Credit Default Swaps: The Show Isn't Over

You've got to look behind the data, as some "indices" are acting entirely irrational, the ABX index trades as if the subprime loans will default at a rate over 100%, that's not even possible.

An index is not the be all end all, and at many times can reflect trader's irrationalities as well. Something to monitor and be aware of, but not the true measure by any means.