Cash investors have an opportunity to use the ABX to "lock in" current prices, while sorting through the market, say analysts at Wachovia in a recent research report. Investors seeking to exploit current valuations should consider selling protection in the ABX at the targeted level in the capital structure, they say. As assets are acquired, they then unwind a similar notional amount of their ABX exposure. They add that this is akin to how equity index managers make use of the S&P 500 futures contract before cash is allocated to the index.