France is off by more than 2 percent. There already exists a slight vacuum in the arbitrage spread indicating that France should be trading with slight relative strength to us. To make up the difference they need to either gaIn ground quickly, or we are going to take a hit.
Did you notice that right after Paris closed the price jumped up quite a bit. Paris closed just over the equivalent of $4.25. Then we spiked up to low-mid 4.30's on a relatively low volume purchase (still the biggest purchase pre-market) and have stayed there ever since. Don't want to say this is the bottom but I think this is a pretty good signal that we may be finally finding a bottom.
... or they are just trying to #$%$ with us and its going to fall right back into the 4.20's during the day. Guess we'll just have to wait and see. I've seen a lot of negative signs lately but if we can close green today after that low Paris close I think we could have cemented a temporary bottom. If we end up in the 4.20's, well, we might be screwed.