...reflecting the natural linkages among markets, the selling pressure... - dofaq.co
black monday (1987)

...reflecting the natural linkages among markets, the selling pressure...

wikipedia - 19 Oct 2021
...reflecting the natural linkages among markets, the selling pressure washed across to the stock market, both through index arbitrage and direct portfolio insurance stock sales. Large amounts of selling, and the demand for liquidity associated with it, cannot be contained in a single market segment. It necessarily overflows into the other market segments, which are naturally linked. There are, however, natural limits to intermarket liquidity which were made evident on October 19 and 20.[86]

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