Markets are up today after China didn't completely fall apart yesterday. And like I wrote a couple weeks ago, on days like this it's useful to look for outliers.
Which today include the following, on no discernible news:
Deutsche Bank down.
Could be nothing, could be something - but keep an eye on those names in the weeks to come.
Meanwhile, CMBS spreads are widening as investors shy away from commercial real estate debt. Here in San Francisco, the 'tell' will be the downtown leasing market, where the burning question is will tech valuations wag the leasing dog, or the other way around? With the former cracking, we are looking for signs that the latter is following suit.