I'd put my bets on a few ideas. 1) A large portion of equity is held by large funds, which may be contractually unable to pull out of the equity market at all.

I'd put my bets on a few ideas. 1) A large portion of equity is held by large funds, which may be contractually unable to pull out of the equity market at all. 2) Lots of people are in it for a short term bump based on stimulus expectations 3) Most investments are made with a longer time horizon than the immediate pain of the short term, and thus, have no reason to sell now. I think this could be an excellent rare economic data point to suggest the efficient market hypothesis does not work anymore (trumped by behavioral economics issues).