Credit risk rising?

The TED spread is basing....look what happened the last time it based like this:

Goldman beats estimates....why are they down 5% and their CDS cost are up 21% on the day? Doesn't sound to me like they are doing so good.

According to Forbes:

"The investment bank crushed earnings estimates at $8.20 per share."

Zerohedge has a different story....

"Goldman Credit Default Swaps have surged by over 20% on the day the firm may have finally lost its trading "edge." With a 5% decline in the stock, the company default risk has jumped to a 5 month high at 121 bps."

Point being...risk is still high, the system is broken, and you had better be careful going long equities at this point.