Risk aversion continues to spike
This market has finally woken up to the risks from coronavirus in a big way. The S&P 500 is at the lows of the day, down 119 points to 3219. The January 31 low was 3214 and is a key support level at the moment.
I don't see how there can be an 'all clear' on coronavirus for months. The lag times are so long and it can travel invisibly. No other country is going to take China-like measures so if it breaks out, it will take a lot of luck to prevent it from becoming a global pandemic. I don't think the pictures of empty grocery shelves in Italy will be the last ones we see.
