It's great to be back on CNBC's Power Lunch discussing the huge one week selloff. Let me be clear, I'm a bull. I did some buying this week for the usual 5 and 10% corrections. But, but, but - we have some big issues that are both rare and serious.

First, we are contending not with a financial or political issue (those are easy!), but a change of behavior. Put another way, the cure to prevent widespread contagion is to stay away from other people. This will reduce consumption. Period. Second, I expect this to blow over by summertime. But if we get a few months of school closings and big events cancelled, it won't create pent up demand as I have saying earlier this week, it will mute demand. That is why I'm taking a rare step not seen since September of 2008 when Lehman went under.

So, what exactly am I doing differently? I drew a line in the sand and will not consider any more dip buying until we see a full 20% correction on the SP500 - around 2750. I strongly believe we will retest the 12/24/18 lows of 2350 - hey, that's 20% from here! Next, as you know I tend never to capitulate and sell stocks during a panic, but we did reduce our international (i.e. Europe and Japan) along with small cap indexes to buy some gold.

There is only one reason to sell stocks when you don't need the money - because you think you can buy them back cheaper in the near future. You can still be a long term investor and bullish on stocks while being pragmatic. While I may be wrong and the market bounces from here with not a worry in the world - but the virus is coming.

I'm not concerned about the body count; I'm very concerned about 2 months of everyone in America slightly slowing down consumption staying in to stay safe. Now - let's get this show on the road. Let's see the relief pop and then let's see the retest where we can buy with confidence and make some money!