Two weeks ago, I sent out an update on the impact of coronavirus warning that the market could soon drop to 17,500 on the Dow. I stressed that the true threat to the economy and to profits and employment was not only interruptions in the supply chain, but more importantly the first implosion of the service sector that we have ever seen.

This is now just what we are seeing as movie theaters, airlines, events of all kinds, schools, universities - all closed down. And the Dow today is down from 29,000 to 21,000. A further drop to our predicted 17,500 could occur within a week or two.

In this brief up...