The market hits the panic button after Deutsche Bank story
Shares of the company are down 7% and the S&P 500 is down 18 points to 2153 after a freefall.
To me, this story is way overblown. It says 'about 10' of the 200 derivatives clients have withdrawn 'some' excess cash. The reporter who wrote the story is on Bloomberg and even she doesn't seem to think it's a huge deal.
I think these moves should be faded but with banks it's all about confidence. The old adage is: What do you do when there's a lineup outside your bank? The answer: Get in line, get your money out and figure it out later.