Stock market spirals as coronavirus fears persist— Here's what to watch

The S&P 500 is down more than 12% since Monday, its largest weekly decline since October 2008.Mark Grant, chief global market strategist of B. Riley FBR, says he has found a way to make profits even in this volatile market.

I don't see any bounce in yields coming any time soon. In fact, the 2-year [yield] is so low that even if the Fed cut twice at 25 basis points, it's already been impacted in the market.

If things are going to turn around, it's going to turn around because we are seeing a bottoming on the impact — a bottoming in terms of the activity level. ... That is actually going to come from China, because China has dealt with this situation the longest. We'll get Chinese PMI. If the PMI is in the 40s as opposed to 30s, I think the market bottoms out. But we don't know that just yet.

When I think about what to do, I say, you can't sell unless you have travel [or] leisure. Those aren't going to work. Autos won't work. Clearly airlines won't work. So, if you're full up and don't have any capital, it's still not too late to sell those, but you have to be ready for some index buying here just because it's the hardest thing to buy in the world.

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