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

Lehman (NYSE: LEH) is recently trading at $16.20 in pre-open trading, below its close of $17.30.

LEH released its 10-Q for Q2 2008 last night.

LEH July 15 straddle closed at $5.25, LEH August 15 straddle closed at $7.70 according to Track Data, suggesting turbulent price movement.

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

Google Inc. (NASDAQ: GOOG) is recently down 88 cents to $450.78.

GOOG is scheduled to report Q1 EPS on April 17. Stifel Nicolaus says, "We maintain conservative financial expectations for GOOG." GOOG call option volume of 27,679 contracts compares to put volume of 27,891 contracts. GOOG April 450 straddle is at $31.60, May 450 straddle is at $50.30 according to Track Data, suggesting large price movement.

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