Our call of the day comes from BNY Mellon’s chief strategist Alicia Levine, who has advice for those wanting to know when to buy beaten-down (and down) stocks. She said they first need a solid view on where this virus is headed.

“If you think it is essentially a short-term problem, a hit to growth, but then it is over by the summer, then you’re fine going into the market. But if you think it is worse than that, then you have to play that out,” she told MarketWatch.

“We do think by the summer, this will be a memory and that growth will recover,” she said, though she admitted risks to their baseline view are pretty real. She is watching out for signs of a dramatic daily drop in China infections, and pickups in usage of coal, electricity and road and rail in that country, alongside property sales. As well, she wants to see signs that the mortality rate is lower, which will mean fewer quarantines and containment shutting down activity.