Globex S&P futures trading limit down 60.00 below previous day's SPX cash close.

Stocks tumbled around the world and U.S. index futures fell on increasing concern the weakening global economy will decrease earnings.

Nikkei 225 down 9.60%, DAX 30 down 8.96%. WTI Crude oil $64.50. Copper down 2.50%. Gold $690.

Volatility Index S&P 500 Options-VIX at 67.80; 10-day moving average is 63.07.

Volatility Index NASDAQ 100-VXN at 69.83; 10-day moving average is 67.16.

NASDAQ 100-QQQQ overall implied volatility at 53; 26-week average is 33.

Semiconductor Holders Trust-SMH overall volatility at 49; 26-week average is 33.

Russell 2000-IWM overall implied volatility at 51; 26-week average is 33.

Financial Select Sector-XLF overall volatility at 70; 26-week average is 44.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

JP Morgan Chase (NYSE: JPM) became the biggest U.S. bank by deposits, acquiring Washington Mutual (NYSE: WM) branch network for $1.9 billion after the thrift was seized in the largest U.S. bank failure in history. JPM October option implied volatility of 65 is above its 26-week average of 48 according to Track Data, suggesting larger price movement.

Globex S&P futures trading 21.70 below previous day's SPX cash close after U.S. Republican lawmakers stalled urgent efforts to agree on a national economic rescue plan.

Volatility Index S&P 500 Options-VIX at 32.81; 10-day moving average is 32.66.

Financial Select Sector-XLF overall volatility at 48; 26-week average is 40.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com