Outside of equities, we saw a massive move higher in Treasury yields this week and a massive drop in Treasury bond prices. For the 20+ Year Treasury ETF (TLT), this week’s 6.34% drop was its second-worst week on record since it began trading back in 2002.

Below is a look at TLT’s historical weekly percentage change, and we also show how TLT has performed in the weeks and months following one-week drops of more than 5% like we saw this week. As shown in the table, TLT has normally continued lower for a while following big down weeks.  

(Click on image to enlarge)