A lot of damage has already occurred relative to travel, general commerce, and major supplied chain disruptions. 4-7% from the top is not coming for a long time (that's what I see in the tea leaves).
Central banks around the world have been lowering interest rates for years now, there's not much more in the tool box to prop and support growth.
The uncertainty around this virus is crazy right now. In my opinion, there is a legitimate and severe concerns causing governments like Italy for example to take extreme measures; never seen reactions like this to a flu virus (what don't we know right now? What do they now, we don't?)
I won't give advice on buying dips, if I did that on Friday, I'd be hosed right now. I do think the markets are oversold, so if you put money in today, I think you would be very happy with that decision come July/August. You need to look at this long term, and in the short term it's fricking "chicken little" right now. That's generally where buyer's profit in the long run.
Anyone want to buy some pins? I've got some for sale