In the last two weeks, very important data on the US economy and corporate earnings have been released. These depressing data are as we had predicted. It remains true that the S&P 500 should drop by 35% from its 1 January level.

The US jobs report this past week was euphoric and propelled the stock market to even higher levels. But after the easy gains over the next two or three years from reopening the service sector, the US economy faces a slow nine-year recovery. US equities remain overvalued.

Coronavirus has put an end to the longest post-war US expansion, and is all but certain to cause a recession that will be wholly different from any other in economic history. In this podcast, Robert Huebscher speaks with renowned economist, Dr Woody Brock, about how and why.

Two weeks ago as the coronavirus crisis began to unfold, I warned that the market could soon drop to 17,500 on the Dow. One very important form of investor ignorance today concerns the market's view that it is prospects for corporate earnings that will matter most. This is wrong.

The new virus is an "unknowable unknown" of the first order. Should the virus turn into an epidemic, all Americans will alter their behavior, such that an outright recession could result.