[joeyrideout]

While I don't think the selloff is over, the bull case for American equities (I assume you are talking about U.S. stock market) is still quite strong:

- Emerging markets, Japan, and Euro also being hit by the virus. Where else will capital flow?

- International bond markets selling off as credit risks rise removes bonds as the traditional flight to safety (US Gov Bonds being the notable exception).

- Strong US dollar vs. other world currencies gives international capital extra safety when parked in U.S. stocks.

- Large-cap U.S. equities such as those in the S&P 500 can generally weather short-term liquidity shocks like this, and if anything they will grow by absorbing the market share of failing small businesses.

[ajross]

FWIW: Japan (for sure) and Europe (probably) seem likely to recover from the lockdowns rather faster than the US, which is just now getting started in big chunks of the country.

While I agree in principle that the markets are trying to price in the downturn, I genuinely don't think that the median-dollar-investor abstraction really has a clue how long this is likely to last.