Limits Imposed - U.S. Futures Markets Are Frozen

As reported by CNNMoney.com - Brutal start seen for Wall Street:

"A wave of anxiety about a global recession was set to reach the United States at Friday's Wall Street open, with limits imposed on futures trading after they fell more than 6%.

Futures followed the lead of plunging markets worldwide, with Japan's Nikkei index ending down 9.6% and European markets down almost as sharply.

'Today might be the day where everybody throws in the towel.' said Peter Cardillo, chief market economist for Avalon Partners. 'People are saying 'I've had it, I can't take it anymore, I'm selling everything.'

Futures trading limits were imposed before 7 a.m. ET, when Dow Jones industrial average futures were down 548 points. The futures for the S&P 500 were down 60 and Nasdaq 100 futures were down 84. Futures measure current index values against the perceived future performance and can indicate how markets open when trading begins in New York.

Economists said that even commodities were selling off, including a $18 drop in gold and a 6% decline in copper, with oil trading below $65 a barrel. The dollar rose against the euro and the British pound, but plunged against the yen.

'It's across-the-board global liquidation of stocks,' said Art Hogan, chief market strategist at Jefferies & Co."

Look towards an ugly open and another volatile day on Wall Street. Hello, anyone out there? If you can hear me, we need some serious help and we need it NOW!

U.S. Markets Stuck on the Rinse Cycle