Disagree - Although I think a "black day" to be rather unlikely,...

Disagree - Although I think a "black day" to be rather unlikely, I would think that a continued downwards turn would certainly be in play. I have placed my money on the line with shorts, and added most days last week to the position.
A 1987 scenario is almost impossible (apparently) given the current "circuit breakers" that were implemented after 1987: ie uptick rules and other such things.

Therefore, we are more likely to see a much more prolonged, and painful downturn, with many upspikes etc along the way.

Roddy - BHP has a low PE, but not if metals start coming off and demand reverses - a real possibility if the US goes into a recession - but then again, I'm not much of a fundamental man.