With futures limit down -- Dow -550, Nasdaq -85, S&P -60 -- the stock market opened dramatically lower this morning after overseas markets plunged. It began in Asia overnight following poor earnings/guidance from Sony (SNE), Samsung and Toyota (TM), as the yen surged to a 13-year high against the dollar and a 6-year high against the euro, and after the Reserve Bank of India decided to keep all its key rates unchanged. The weakness quickly transferred to Europe, helped by a weaker than expected Q3 GDP figure in the UK (-0.5% vs. -0.3% consensus) and a weaker than expected Eurozone PMI (44.6 vs. 45.4 consensus). However, the Dow and S&P only modestly extended yesterday's lows at the open, while remaining well above their 5-year lows from Oct 10 (the Nasdaq made a fresh 5-year low yesterday). All three indices slowly trended higher over the first two hours of the session amid choppy trade. Helping them at 10:00ET was a better than expected Existing Homes Sales figure for September (5.18 mln vs. 4.95 mln consensus). The major averages hit their morning highs just after 11:30ET, but have been slowly trending lower since that point... From a technical perspective: The major indices are still pressed sharply lower at midday, but price holds well above the dramatic, gap down opening lows. The INDU & SPX indexes are the only to major averages to not breach the Oct. 10 52 week/five year lows today, having not even come close to a crucial retest @ 7882/840 respectively. Intra day recovery bounces in the SPX & COMPQ continue to meet sharp resistance at the downward sloping 100 period SMA's seen on the 5 min. charts. TRIN levels on both major exchanges are running just North of 1.0, but at levels not to severe, while the A/D line on NYSE stands @ -2120 & @ -1660 on NASDAQ... The bond market has been knocked back off from its best levels, but still maintaining a bid, with stocks un-improving and safety plays sought. The session has been running better for most of the day with volume comparatively better and headlines helping to bounce things about with news like the fact Treasury rescue money is starting to fuel acquisitions, lessening concerns over weaker players... In commodities, Dec crude ($64.62 -$3.22) made session lows, following the open of the equity markets, at $62.65. This is the lowest level crude has seen since May 2007. After setting these lows, however, crude has managed to stage a modest move upward to levels seen in overnight trade. It is chopping around these levels heading into the afternoon. After selling off in early morning trade, Nov natural gas ($6.28 -$0.139) has done relatively little. It set lows at $6.39 and is moving sideways around those levels with the approach of afternoon trade... In Europe, with investors rattled by official data that showed that Europe's economy was plunging into a recession. Investors around the world looked away from Wall Street's solid closing overnight to the renewed heavy selling in Asia. FTSE closed -5.0%; DAX closed -5.0%; CAC closed -3.5%, RTS -14%... In Asia, the Hang Seng closed -8.3%, the Sensex closed -11.0%, the Nikkei was -9.6%, and the Kospi was -10.6%... On the earnings calendar, 1 co is confirmed to report today after the close. On Monday, before the open, 28 cos are confirmed to report including VZ and ACI... On the economic calendar, nothing remains on the schedule for today. On Monday, new home sales are scheduled to be released at 10:00ET.