Throw out fundamentals as investors have headed for the exits.

Panic is ugly to watch. Investors headed for the exit on Wall Street last week and the exit was not wide enough to allow an orderly evacuation. Stock prices were hammered, and capital flowed into the U.S. treasury market to be parked in a safe haven. Current valuations in financial assets have nothing to do with economic fundamentals and everything to do with fear of the unknown caused by the spread of the coronavirus. It makes no difference to investors that the economic data from last week and the data due out this week was strong and better than expected. All this data was pre-virus numbers.