Something is not right here. After the Friday close, the DAX has gone down 10% while the ES is down around 5% and not limit down at the moment. There is no way that the DAX has a beta of 2 over the ES and aren't these problems based in the US, not Europe? Looks to me like people are selling whatever is liquid and the DAX is the most liquid instrument at the moment. Also, it has been a strong market so people are taking profits on it. I would short the ES and go long the DAX now and reap the profits. Looks like a no brainer with funds manipulating the ES above limit to keep away the fear.