Pent-up exuberance from the long weekend has lifted Deutsche Bank stock in early European trading, but it has also lifted the cost of credit protection as professionals in the credit market appears far less confident in the dead-cat-bounce that equity speculators are already beginning to fade.

... As CDS hits record wides:

Bear in mind that equity markets are very prone to short-term technical-driven squeezes (see Lehman during its vinegar strokes) whereas short-dated CDS has such a wide bid-offer that realistically supply/demand is driven by actual hedging demands (funds covering counterparty risk) than by speculators