Coronavirus fears send Dow tumbling — here's what to watch now – CNBC

“This isn’t like 2015-2016 where it was a blip and they were able to cut back. These guys are all pretty stretched so, you want to be very careful there if you’re reaching for yield. … So what are you going to do with these [stocks] that don’t have that kind of balance sheet and the answer is oil, travel, leisure? Wrong. Those are wrong. Take the money out of those and reposition, after FAANG goes down more, [into] tech. I think tech is a survivor because we are going to go 5G.”

“The main enemy of the market right now is uncertainty. Because you can’t actually model this. … We’re telling clients to take some risk off the table, because if you think about it, there is sort of a consolation of uncertainty here. There’s the Democratic race, there’s the course of the virus, and what the containment efforts for this do to the economy. And I’d just like to point out that the market has gone straight down since the Fed minutes came out … where the Fed said that they’re going to stop their purchases in April on the short end, and that just adds another piece of uncertainty. If you thought the market was liquidity driven, that is another piece denting it.”

“We’re 10% off our all-time highs. … So what we have to look at is, how much of this correction is driven by the uncertainty over the economic damage that will clearly follow in the wake of this coronavirus. And how much of this is, this market has been looking for an excuse to pull back. … And I think there’s some combination of both, and it’s hard to desegregate that. But, right now what we’re forgetting is we’re starting this epidemic at all-time highs, so obviously the initial damage is probably going to be a whole lot more than it has been for the other 11 global health scares that we have seen over the last 20 years.”