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Options market is betting on further declines for Deutsche Bank shares

Deutsche Bank
Krisztian Bocsi | Bloomberg | Getty Images

Deutsche Bank's U.S.-traded shares may have bounced back, but many in the options market don't expect the stock to hold those gains for long.

There "appears to be pretty strong belief the stock is going to break below $10 in the next couple months," said Dan Deming, managing director at KKM Financial.

Shares were about 2 percent lower near $12.80 a share in Monday afternoon, following a big, 14 percent jump Friday after an AFP report indicated that the German bank was near an agreement with the U.S. Department of Justice for less than half the regulator's original demand for a $14 billion settlement. CNBC has not independently confirmed the report, and there are reasons to be skeptical about the stated number.