FYI: It was 29 years ago this month that world equity markets experienced a meltdown that became known as Black Monday (or Black Tuesday in Asian time zones). On 19 October, the Dow Jones Industrial Average plunged 23%, its largest-ever one-day percentage decline.
As equity and bond markets fell, an anonymous bond trader sensed an opportunity. He sold a U.S. long bond (a 30-year Treasury bond yielding 8.875% and maturing in 2017) at a price of 86. Just two months earlier, the bond had been issued at par. The trader was hoping to buy it back a quarter of a point lower.
Yet a minute later the bond market reversed direction and has not looked back since.
Regards,
Ted
http://blog.pimco.com/2016/10/26/black-monday-revisited-lessons-from-29-years-of-market-history/