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I don't know about the options angle of it, but it seems unlikely that the industry's European issues will be affected by Jan 2013. The back half of 2012 is supposed to look better in Europe. Yet, I doubt it will look good enough to offset the chill in the air, if you catch my drift.

The following year (2013) will look better at least, as easy European comps make the first half of 2013 look not as bad the first half of 2012. If Ford can get back to not losing money in Europe at the end of the year, then 2013 will naturally end up looking fairly good. US ops are still strong. I'd expect that any position you build in Ford should be built with the intent to wait until the back half of 2013 at the very least.

Peter
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