With overseas stock markets taking one of their worst tumbles of the financial crisis and US stocks prices limit down in the futures market, it's looking like another fearsome Friday for investors.

So, here's how the market pros are interpreting things, and whether capitulation day has finally come.

Dennis Gartman, editor of The Gartman Letters, used one word to describe the situation: "Madness. It's unlike anything any of us have ever seen before."

Gartman says hedge funds continue to dump stocks, as they try to balance positions and look to raise new capital from lenders.

The limit down situation—when prices on futures markets fall the maximum allowed and trading is temporarily halted until a new 'imit is set—was seen as a particulary ominous sign.

David Kotok of Cumberland Advisers calls today the "peak of liquidation" for institutions and "will run its course very soon."

Pimco's Co-CEO Mohamed El-Erian says the "big-force redemption's" started Thursday and will continue through today, "which will be all about selling."

Gartman advice to investors is simple: If you haven't gotten out of the market yet, then don't sell today. "You probably can't get out now."