Rumors of ECB monetization (which would be highly problematic in the new "bail-in" world) and old news of the emergency debt-buyback plan have sparked an epic ramp in Deutsche Bank's stock this morning (+11% - the most since Oct 2011). This extreme volatility is, however, eerily reminiscent of 2007/8 when headline hockey sparked pumps and dumps on a daily basis in Lehman stock... until it was all over.

"Deutsche Bank is fixed"?

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Or is it?

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Things are already fading...

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We suspedct every bounce will be met by opportunistic selling as an inverted CDS curve has seldom if ever reverted back to life.