Options guru and veteran floor trader, Frank Fahey, leads off the show recapping a massive down-day in the markets. Joel Elconin of Benzinga reiterates how important experience is on days like this. Kenny Polcari, Director of NYSE Floor Operations at O’Neil Securities and a contributor to CNBC, wonders why we’re always surprised when these products blow up. Karl Denninger of Market Ticker rejoins the show and explains the volatility of the last two trading days. Finally, John Neal of PTI Securities & Futures‘ Peoria, AZ location says there’s no time like the present to buy portfolio protection.