An hour into the new market this morning and the market down. What is not surprising is by how much. It is down 0.35%. About a third of one percent. It was down about a half percent earlier. Not much of a selloff if you ask me. That means the new Coronavirus numbers are bad but not worrisome at this time.
News this morning is defending China’s under reporting of the virus. They are saying that they don’t have enough test kits to make certain that the diagnosis are accurate. The new higher numbers are due to China finally deciding to diagnose cases based on symptoms. They said we should start seeing bigger numbers coming out daily for a while until the number of test kits catches up with infections. They said reporting is about 100,000 less than actual. If you can believe what they are saying.
I think the US, and particular the Trump administration, has done a good job tracking and quarantining possible cases. With the number of US citizens that had travelled to China and then came back, we only have 14 verified cases. It seems that this virus spreads easier than SARS, but most cases are fairly mild. Except for the rather young and elderly.
Right before I click post the market has dropped to 0.56% from the opening.