Alert Limit down on S&P in Chicago. Night trading on US markets is basically electronic so the volatility seems higher. Entire Russian market is closed. ---Posted: 02:34PDT

Posted 04:50---still limit down....Listening to the bimbo patrol on TV who squeek and squeal that they've "never seen anythiing like this," well I have. I've been caught in limit move markets at least twenty times, unable to get out, and the feeling is horrible. However, these limits break and the market continues the move and then either buyers or sellers move in. I'd suggest that the move now is margin calls some of which are hedges against European markets. The margin call rule is: never ever put up more margin, just allow the exchange to close you out. Buy back in later. However, these calls could be severe enough to actually wipe people out, so stay tuned. S&P futures are 250 per point times 50=$12,500 per position and you can't get out. Limit comes off when market reopens at 06:30PDT.