You don't want to bottom fish here

This is no bottom. This is only the beginning of the correction. The CDS unwind is going to have a major impact and where the damage stops is impossible to tell. CDS exposure is massive (everyone has exposure). The market is going to throw the baby out with the bathwater and even the good stocks will get sold. GS is probably going to get smacked right along with LEH.

The problem is when you get massive failures like this you don't know who has counter party exposure. Firms think they are covered because they own CDS but what happens when your counter party goes under. Its every bit as bad as it looks and it is going to get worse. A lot worse. Don't buy anything yet!