Wait till the bond insurers have to delay results, that may not be the next shoe to drop but it will be one of them.
In the arcane world of reinsurance when one loses a rating the reinsurance cover has to be returned (all the losses ceded to the bermuda reinsures like ram and channel have to come back onto the mono line insurers books).
That said it seems like we are very near an intermediate bottom (in time) if last week was not it.
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