The Markets?

Why would you sell after it tanked?

It’s about time to start deploying your cash. Drop was fairly predictable if you study how the market had reacted to pandemics before

1. COVID-19 is spread by a novel coronavirus that is accelerating in its global spread. Countries have not done enough to prepare their public health systems for a new global pandemic (which is what we seem to be heading towards). This means that countries will have to resort to GDP-damaging measures, such as quarantines and isolationism, which increase trade barriers by reducing the flow of goods, services, and people.
2. This translates into a reduction in expected GDP. Just calculate the expected global GDP number the day before the virus broke out in China. Divide it by 252. That's the daily damage done if trade stops. You can approximate this better, but it should give you a clear idea that growth will be lower by every day the virus is not contained, and will be exacerbated by punitive measures countries employ to stop it from spreading.
3. Compare this with the prior growth forecast-- the IMF expected a rebound in 2H of 2020. That base case is now being challenged, and the market expects it to lose. Bofa and GS came out today saying their earnings forecast for 2020 is flat and that global growth will be under 3%.
4. Input this new estimate into your ERP model = earnings growth * dividend payout ratio + GDP growth = 0% * 0.75 + 3% = 3% growth to US equity markets -- compare this to bond yields of 1.6% -- if your max (100% equity allocation) return is 3% with a std of 16% (historical realized vol), versus 1.6% with a std of 3%, which one will you overallocate to? Bonds clearly.
5. What should you do? With imp. vol. so high, cut your equity holdings in half and put it in income producing assets (such as non-convertible preferreds or bonds) or lower volatility stocks (defensive sectors like utilities, healthcare, telecom, etc.). Use options to establish beta exposure if the market rallies in the short term with 2-4% of your portfolio. Use your excess cash wisely by investing in stocks you think might be super depressed ("if everyone's going to be locked up, maybe we'll see an increase in NFLX subs?").
6. Once the VIX starts to move down you can reallocate to equities.

Note: not financial advice, speak to your Merrill dude