As a part of my research related to this unprecedented worldwide event, I have been reviewing information from our research firm and investment product vendors. This effort is designed to gain a view of the consensus themes and an idea of where the markets might go from here.

Let’s simply admit this pandemic is worse than expected. That is not to say it is the end of the world. As a New Orleanian, I remember the day after Katrina when we recognized the hurricane had not destroyed the city, but then the water started coming in and rising.

The title above seems silly at first. How can you make sense of this market? But, when you think about the current actions taking place, market reaction makes perfect sense.

The panicked selling in the United States equity markets continued Wednesday as one of the major U.S. indices, the Dow Jones Industrial Average (DJIA), reached bear market territory as fears of the coronavirus intensified as the World Health Organization declared the outbreak an official global pandemic.

The selling overnight has taken full hold, with S&P futures down 5-percent. Expect the volatility today to be dramatic, as panic over the Coronavirus-19 overshadows any economic data.