Stocks today continued to tumble on light volume. The Dow Jones Average was off 166 points to 18,090. Trading volume was very light. From a global standpoint the German DAX index posted the biggest losses.
Never mind bailing out Greece, things in Germany are getting interesting as the German gubment might now have to bail out Deutsche Bank. Shares of Germany’s largest bank hit fresh lows on fears that a capital infusion will be needed thanks to the effects of a $14 billion fine imposed on the bank by the US Justice Department. Deutsche Bank was active in US mortgage markets leading up to the 2008 crisis. They were also mentioned in the movie “The Big Short”. I know locally that DB wrote lots of mortgages on vacation homes in the Bend, OR area and took a bath when that song ended.
Here at home everyone is gearing up for the Presidential debate tonight. Popcorn and pain killer sales are spiking as viewers stock up for the event.
Crude oil prices were up 3.26% to $45.93 as OPEC is meeting this week and markets feel there might be a deal to curb production. Gold finished the day lower by a buck seventy at $1.340 an ounce.
The Boy Scout Trip was great. 17 kids hiked into the clouds and set up tents at a lake surrounded by fall colors. The lunkheads had fun and while no one caught a fish I was able to get stung 5 times after getting too close to a wasp nest. I have not been stung like that since the ’crash of 87! One dad asked if I needed an epi pen but when we talked terms he said the $600 price was the “sea level” price and since we were not at sea level his markup was based on elevation. Since we were at 5,211 feet I elected to eat wild blue berries and boy they were good!