Keep a close eye on bond yields and expect worse before it gets better.
Offering a prize for finding a medicine or vaccine to stop the coronavirus would be much more effective at halting this market derailment than cutting rates.
As global markets breached their key 200-day moving averages and with uptrends being tested, there were rumours of globally coordinated central bank easing.
Navigating this market meltdown requires an appreciation of how momentum also works to the downside.
Here are a number of things that I'm watching now.
Poor timing by bounce buyers is creating more downside. There is no rush to build longer-term positions.
It's clear that the market infection from the Wuhan pneumonia is only just beginning.
Bounce buyers want to believe there is an overreaction to the virus news, but if downside momentum builds, the selling can continue much longer than many expect.
Only one of these scenarios is going to get you in and out of this market with your assets intact and your portfolio stronger.
Only two things can save the market right now, the Fed cutting rates aggressively or the virus being contained.