There is no other way to say it – things are getting ugly over on the ABX indices. Of the 20 issues traded, 17 settled at new all-time lows today. SEVENTEEN! I had to screencap the settlement chart for posterity’s sake: If you’re curious to see what’s taking place in CDS prices in even the most senior tranches, here you go — from ABX-HE-AAA 07-2: Good thing Halloween is around the corner, because what’s taking place on the ABX right now is just plain S-C-A-R-Y. And it’s not getting any better on the TABX indices, either. (HW note: For those that don’t know, the ABX indices generally track against the U.S. subprime RMBS market, while the TABX indices are generally used as a proxy for what’s taking place in the CDO marketplace.)