The coronavirus outbreak and the effects of COVID-19 have gone deeper and wider than most people would have expected. That applies just as much to markets as anywhere. Whether it's a tech sector that is supporting our new work from home or re-rating as expensive EV/Sales multiples make less sense; a healthcare industry under the spotlight to find a vaccine, a cure, or provide treatment to patients; or various parts of the financial sector that have shown acute strain as the economy goes into the freezer for a few weeks, at least, there are no real safe havens or quiet zones.

While this week has seen the markets generally recover, there have still been acute areas of concern. REITs are today's topic, and they're taking heat from various sides. The mortgage REIT market appeared to seize up in the first half of the week, beleaguered mall REITs faced clients who decided to stop paying, and all the while VNQ outperformed the SPY for the first four days of the week, closing some of the bear market gap.

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