For those unfamiliar with the yen carry trade, he explains, "In a nutshell it's a strategy to borrow a currency on the cheap and purchase other investments with it. It all works dandy until the currency that you are using gets more expensive -- then it gets ugly."

But the market's volatility, he asserts, is no reason to abandon one's investment plans. He notes, "What I do when the market has these major moves like this, and they do happen every so often, is to step back and just wait for a few days until it all shakes out. It always does. When the dust clears there are often more opportunities than there were before the move.

"While many investors become conservative and terrified the damage is already done, now the opportunity begins. Look past the terrifying headlines of gloom and doom and predictions that the housing market will never recover and that China will never buy any more commodities and stop global demand will come to a halt, nonsense.

"Most of that noise is worthless to us as value investors and what we need to do now is look for stocks in the resource sector that took a major hit on the way down and are likely to recover very quickly."

In that light, he has uncovered one such stock situation that he believes has become a buying opportunity in the wake of the recent market selling - Suntech Power Holdings.

He notes, "It's not all that gloomy in China, to say the least. In fact the boom is in full swing and one sector that's heating up fast is the solar sector. Suntech Power Holdings is a Chinese company and for full disclosure, I personally own this stock and have for a very long time.

"Suntech got hit pretty hard along with the rest of the market but even more so because it's a China-based company. The market fell out of bed when Cheng Siwei, vice-chairman of the standing committee of the National People's Congress.

"In an interview with the Financial Times was quoted as saying: 'There is a bubble growing. Investors should be concerned about the risks.' That was all it took and the next thing you know global markets were in free fall.

"If the massive drop seems unreasonable, that's because it is, especially when Mr. Cheng has no formal control over Chinese fiscal policy. The whole sell-off was overdone and in the dramatic rush for the exits, excellent stocks like STP got crushed too. Now is your chance to still pick up a bargain."

For more stock picks from the leading financial newsletter advisors, visit Steven Halpern's free website, TheStockAdvisor.com.