Germany has been holding up way too well, just a shade off its highs.
1 Year Chart of DAX
Europe isn't going to avoid the global slowdown, it's just trading with a delay to the US.
So I've just sold a 7500 March call at 517.6 in £10/point, so £5176 premium.
And bought a 7000 March put at 76.3 in £69/point, so £5265 premium.
Net cost £89. (I had intended it to be ~zero but got my sums wrong!)
At worst, I don't mind setting a short at 7500 anyway on the DAX, but hopefully any near-term falls will allow me to take some very good money out of this trade. Come on the 10% fall!