"Things are about to get extremely problematic, and market conditions could get exponentially worse this week," says Currency Hedger's Louis Roche.
At issue, according to Innes, is the spread of the coronavirus in patients with no connection to China. Those diagnosed in South Korea are nearing 1K, and Italy is taking swift action, as numbers are growing there as well.
South Korea's Kospi (NYSEARCA:EWY) and Australia's ASX 200 (NYSEARCA:EWA) are each down more than 2%. Japanese stocks are closed for a holiday. Shanghai is down modestly.
S&P 500 (NYSEARCA:SPY) futures are off 1.2%, and Nasdaq 100 (NASDAQ:QQQ) 1.65%.
Gold (NYSEARCA:GLD) is up another 1% to a new multi-year high of $1,665 per ounce. Oil (NYSEARCA:USO) is down 2.8% to $51.87.