It’s not at all wacky that amid what was arguably a slowly deteriorating global macro backdrop to begin with the COVID-19 threat would send stocks reeling. I.e., given the lock down in China, huge supply-chain issues, spread to other countries, travel restrictions, companies stepping up and lowering earnings guidance, and so on — regardless of whether this morphs into the next bear market — a strong selloff was/is the appropriate response.
What is wacky is that world health officials, politicians and folks in the mainstream media are, in the case of the World Health Organization, even mentioning the stock market, and/or, in the case of politicians and the media, literally making aggressive market calls and recommendations.
Well, let’s say it’s wacky if anyone’s listening.
I’ll likely be back later today with more perspective…
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