Sallie Mae, First Data and Japanese Yen.

I do not like the fact that the yen is still up against the dollar. Even though the markets have largely made up their losses, the yen hasn't retreated from the panic highs it set when everything was in a swoon. Either it will play catch up, or the deleveraging has already happened.

Are we setting up for another fall? Or is this a normal course of de leveraging, and a general reprising of risk? Only time will tell.

If the Sallie Mae LBO deal collapses, would the markets remain unaffected? There was hardly a hiccup when Harman Kardon collapsed.

It'€™ll be good to keep an eye on First Data. I know they were able to close the deal. An interesting tell would be if the investment banks are able to sell the loans from their books. If yes, risk appetites are on their way up.