Premium is now in the 30's, which is still ridiculously high.
"Templeton Russia & East European Fund (TRF) Closed-End ETFs
Fund Quick Facts As of 08/07/2009 Closing NAV: $12.93 Current Distribution Rate: 1.39% Closing Share Price: $18.70 Premium/(Discount): 44.62% 52 Week High-Low NAV: $53.54-$6.22 As of 07/31/2009 52 Week High-Low Share Price: $48.4080-$6.9100"
I've been out since Friday (covered my short position). Oh, well, left some money on the table (if I would have waited until today). Today I went long on CEE (Russia and Turkey at a discount). I like Turkey and Russia; Czech Republic and Poland are the strongest of the Eastern European countries; I am not high on Hungary (very weak).