Despite all the negatives assoc. with the split-up of these monolines, the markets are going to get a big bid. The reason is very simple: The big institutions who underwrite the muni market have been deleveraging everything else in anticipation of a bond rating downgrade...which would have come if the insured debt stayed linked through ABK, et al. If that dngrde did materialize, the margin calls would have come, and regulators ande credit agencies would have pounded on the doors of Citi, UBS, Merrill, Lehman, etc. Those guys hold that stuff at 60-1 margin. And those markets were not trading. So, they've been proactive in reducing margin on everything else to avoid a firesale when the news came. Now it looks like that muni debt will be safe. We're seeing them start to expand back to preferred profiles in their other holdings, and we'll see a sustained bid over this week. My hope is that will get the weak hands back into the market on the longside and stretch the market beyond reason. If so, all you'll have to do sell exuberance into the next payrolls report. It was beginning to look like we have to grind the whole way, but plays in both directions will be nicely mapped to run for the next 3-6 weeks. Enjoy it..because the grind will return.