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In yesterday’s Chart of the Day we noted that Monday gaps down of 1%+ typically see the biggest bounce backs on the following day — the “turnaround Tuesday” effect. While it’s still early, futures are attempting a bounce this morning as news regarding the coronavirus hasn’t gotten materially worse. While the number of cases has ballooned, that trend is to be expected. What we haven’t seen overnight is an increase in the mortality rate. Relative to yesterday, in fact, it appears to have actually declined slightly. We caution, though, that it’s still very very early in the outbreak, and no one really knows how this is going to shake out. We can all make estimates and look at various models but in the end, they are only that. One thing we do know is that China is one of the world’s largest economies, and growth there is definitely going to take a hit.