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Community spread of the coronavirus outside of China has prompted a warning from the CDC. A special investment panel hosted internally by RBC suggests the economic impact of the coronavirus may be underappreciated.

The Vice Chairman of the Federal Reserve describes the U.S. economy as " a good picture". Meanwhile, the coronavirus appears to be taking hold outside of China's borders. Prudence has me taking a neutral stance.

As always, the number one "bogey" we are trying to avoid is recession. Absent a material worsening of the coronavirus outbreak, we don't see recession as our base case for 2020. Portfolios are positioned accordingly.

As expected, Manufacturing has indeed rebounded and confirmed strengthening economic readings elsewhere. But coronavirus concerns keep me from adding back equity. This may change early next week.