Black Friday

Good morning. The bears are going to receive an early Christmas present courtesy of Dubai.

Futures are under the most significant pressure we've seen in some time on fears over Dubai's debt. Late Wednesday, Dubai World, the city-state's largest corporate entity, asked creditors for a six-month stay on repayment of $60 billion in debts. Asia and Europe markets sold off yesterday while the U.S. markets were closed for Thanksgiving.

As you might expect, top headlines focus on Dubai and its aftermath including a stronger U.S. dollar and a flight to safety toward treasuries. In other news, Democrats work on multibillion-dollar jobs package, rates on 30-year fixed-rate mortgage hit all-time low, Japan warns on soaring Yen and U.S. bank examiners faulted for poor oversight at failed lenders.

Read more of my premarket report.