We have a big economic calendar including important data on consumer confidence, personal income and spending, and inflation. There will also be another round of housing news – two measures of prices, new home sales, and pending home sales. While it is not expected to change, the second estimate of Q4 GDP will be reported.

While these economic reports will claim attention later in the week, we know how it will start. The punditry will be asking:

What does Warren think?

And then they will offer their own opinions!

Last Week Recap

My last installment of WTWA, I emphasized housing data and trends, partly because so many key reports were coming out. The media followed this topic in some segments, but sometimes suggesting there was a “crisis” because of shortages and affordability. Even investment programs did not pay much attention to the opportunities for investors in this sector. The sector data continues to be excellent. As I suggested last week, there is plenty of room left in this powerful, long-term trend.

Coronavirus Update

New developments suggest coronavirus incubation could be longer than 14 days, as global infections rise. This may be part of the explanation for the rise in infections in South Korea, Japan, Iran, and Italy.

CDC is preparing for the ‘likely’ spread of coronavirus in the US, officials say

How COVID-19 Is Spread includes the latest scientific interpretation of facts, suspicious, and the discounted rumors.

Veteran market observer Josh Brown does not think the effect is reflected in current stock prices. A case or two in New York would change that quickly, he suggests.

Media sources are blaming the coronavirus for end-of-the week selling. Paul Schatz wisely notes that the economic effects have been widely expected, so this makes little sense. He sees Yen weakness as “the quiet culprit.”

The key question for the market remains: Will this be a contained, mostly China event lasting a couple of months? Or is a pandemic in store?