After rising 80% in the past seven months, Japan's benchmark Nikkei 225 (^N225) stock index finally blinked. A staggering 7% single-day decline rocked Tokyo's market in ways not seen since the Earthquake-Tsunami disaster of 2011.

While the cause of the sell-off is being laid at the feet of weaker than expected Chinese manufacturing data and worries about the Fed curtailing its five year bond buying spree, Paul Schatz, president of Heritage Capital sees it a little differently.

"It's an elevator shaft decline," Schatz says in the attached video. "You can attribute any kind of news you want to it, but the fact of the matter is, this was a balloon so blown up with air, the slightest little prick was going to take an awful lot of air out really quickly."

So now the question is, will it continue in Japan? And will it spread to the U.S. and rest of the world?

From Schatz's stand point, what happens today and tomorrow is not as important as what happens in the next few weeks. While he predicts weakness here and "reverberations around the world" he thinks this will make for a great buying opportunity, albeit one that many people will miss out on.

"All the people sitting on the sidelines have been salivating for any chance to get in," Schatz says, adding, now that it's here, they won't. "I'll argue those people are not going to buy, that markets are going to stabilize" and then resume their uptrend.

Earlier this week, Apple (AAPL) CEO Tim Cook went to Washington DC to discuss the company's use of tax loopholes. It seemed like an outstanding opportunity for political leaders to discuss tax reform with the head of the most well-capitalized company in the world. Instead most of the Senators chose to attack Cook for, in the words of Sen. John McCain, violating the spirit of corporate tax laws.

Naturally Cook made the Senators look out-of-touch with reality. Americans have a natural distrust of the rich but the entire country was founded as a mass protest against "taxation without representation." Despising taxes is part of our national DNA. The only conceivable way Tim Cook and Apple could appear sympathetic is being attacked by Senate for not maximizing their tax bill.

By the end of the ordeal the Senators were falling all over themselves praising Cook, Apple and iPhones. Ironically it was Apple's worst moment. Having a 78-year-old man swooning over your newest product isn't the kind of PR Apple needs. Making matters worse, Cook's command of arcane international tax code showed him at his very best and worst. He came across as an incredibly capable CPA running a company in desperate need of vision.

Todd Schoenberger, managing partner at LandColt Capital, isn't sweating it. In his view, the testimony reignites the bullish case for Apple.

"What it brought to the attention of everybody is how much money this company is actually saving and how much money they have in cash," he states in the attached video. "That's why you want to be long this stock."