Take a look at commercial mortgage-backed securities spreads, they are blowing out. Not just going up, or way up, but blowing out. Most are way, way above the Nov highs. Here's a link for the spread indices, CMBX, as put out by Markit. I know this is a bit far away from what we usually look at in here, but I think much better money could have been made in the derivatives market when the bull topped than anything we play in here. Anyway, this may be the next economic shoe to drop and really hurt the whole situation. These spreads are talking to us, and what they are saying ain't good...

http://www.markit.com/information/products/category/indices/cmbx/history_graphs.html