Of course much remains to be discovered with regard to the coronavirus itself, and, thus, its impact on the global economy.
Stocks are appropriately selling off, as anything that would have consumers hunker down anywhere en masse, let alone the world's second largest economy, is cause for economic and, ultimately, corporate earnings concerns. Add in the extreme lopsidedness (excess optimism) I illustrated on Friday and you have the makings for what looks to be an exaggerated, perhaps panicky, reaction.
Look for further outsized moves in both directions; make no mistake, any good news related to the virus will see the bulls swoop in in a hurry.
Nothing here -- at this point -- exacerbates (or allays, if/when the market comes roaring back) the longer-term concerns/issues we've been discussing herein.