The subprime problems are not over by a long way. Everyone...

The subprime problems are not over by a long way. Everyone realises that. There will still be some shaking out regarding the winners and losers. But the panic (which was only the ever real threat to business-as-usual) is evaporating rapidly.

What may well be over is the market overreactions to the problem. It's the market overreactions that create the obvious trading ops.

If you are pinning your hopes on a crash or even another major correction stemming from subprime issues, I think you are backing the wrong horse. It's getting to be very old news, even a bit of a yawn. If you are intellectually or emotionally committed to the idea of a major or even cataclysmic downside event, I'd start looking elsewhere for your potential triggers. Clinging to the subprime issues is beginning to smack of desperation.

IMHO, of course. ;-)

-Mark