The futures are likely to be down a bunch after the Chinese PMIs Friday and new cases of Covid-19 have been identified globally.


My view remains the same as highlighted late last week.  Selling down 12% from the recent peak may feel or even be right over coming hours and days, but history shows it has never been good to sell into that kind of weakness when looking out more than a few months.  The drop in rates is extraordinary, and the global monetary and fiscal stimulus that will result from the Covid-19 fear should drive multiples for both public and private companies to levels no one can imagine during swoons like this.  The markets are going to go nuts to the upside once the stimulus begins (could be this evening).  We lowered our market rating and sector bets in January, and I am almost ready to get back on the super-bull bandwagon.

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