Quick Thoughts on The (Very) Latest Black Monday

• So is this column a new Monday tradition?

• If you haven't already, please be a good student of history and review my thoughts from the last Black Monday - they are all still relevant.

• Sure looked like the old Plunge Protection Team was out in full force this afternoon - could we have seen a 1000 point plunge for the Dow if not for the PPT?

• The best place to be right now is cash. We're going to have some great buying opportunities someday, but it's not here yet. Please, protect your capital in the meantime.

• A good friend forwarded me a copy of Dennis Gartman's letter today - Gartman is up 4% on the year, and is feeling pretty good about it, since the S&P is down over 30%. Even Gartman is fearful right now, he has no idea how to trade these markets.

• So much for the bailout calming the markets, eh?

• Finally - an early Christmas present for me - I woke up to find the Yen up $.04 overnight! I promptly sold. I was burned once before for not selling the Yen and Swiss Franc after a gap up, and didn't want to make that mistake again. Could the Yen keep going up? Sure, and I think it probably will. But I also think I'll have a chance to buy it back at slightly cheaper prices.

• Yes, the Yen carry trade unwound in a big way - more forcefully than I ever would have imagined. For a couple of background primers on the carry trade, check out Chuck Butler's previous comments, along with some very prescient commentary from the Times Online back in March.