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Richard's Wisdom On Psychology of the Crowd

Daily Recap

Yesterday's big worry became today's big success story, as Deutsche Bank had its biggest up day in years.  The bank is trying to get the Justice department to settle for some $5 billion, a big discount from the original $14 billion Justice sought. Along with an encouraging letter from the bank's CEO, and some old-fashioned bargain hunting, the stock managed a 14% gain after yesterday's 9% loss.

That wasn't enough to send German or European shares as a whole upward, as the STOXX 600 lost 0.6%. But the news, along with yet another good day for oil, sent US stocks zooming upward. Crude oil gained half a percent, closing around $48/bbl. The dollar index finished about unchanged, while US Treasuries fell.

Precious metals had another lethargic day. Gold dropped $5, platinum lost $3, and silver was a nickel higher. XAU was up about a point.

At the close, the Dow Industrials inexplicably fell ... Log in or subscribe to continue reading.

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