looks like US investors hedged by selling European stocks since US had holiday. I think we will see some rebound in Dax once ES (now limit down) reopens together with US stock market. The problem in these trading days is that there is no experience we can rely on so it is better to stand aside (imo).
Here is a piece of paper from Deutsche Bank ( unfortunately only in German language ), anlayzing consequences of the subprime crisis. At page 32 is a funny headline question ( translated ) : "Have U.S. mortgage bankers been on drugs ? http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000218883.pdf