I'm actually going to stick my toes in the water here and do a little buying this morning. Mostly ETFs. Dabble a bit in DJIA30. And a few stocks that are way oversold on the technicals and fundamentals. This isn't the end of the world people. Although it ain't pretty and any rally is likely to be short, sharp and fast. It's just an opportunity play, but I'll nibble here.

But, as Barry notes:

This cascading waterfall selloff is ugly. Next key level of support is 8750, where we would again be buyers of the market.

If that does not hold, then we are looking at no support until the 2002 levels -- about 7250. (I may have to dust off that Dow 6,800 call).

It could get ugly fast too. That's why I say nibble and my 'stops' will be tight. But I'd put even odds on a snapback rally happening before we test new lows. I also think with the Lehman CDS thing happening today we'll see massive volume. Kind of like the mother of all 'triple witches' except it ain't triple witching, is it?

But my main point is that if you have been smart, hoarded cash the last several months, not listened to CNBC and have some of that 'intestinal fortitude' I mentioned before there is money to be made out there right now. Might take a while--or it might not, but the ops, they are arising.

Nota bene: THIS IS NOT INVESTMENT ADVICE. (That's for the effing lawyers out there.)