There isn't a light at the end of the tunnel
Here's the problem with fading any kind of risk-off trade right now: This is almost-certainly going to get worse.
The next month will feature a non-stop cascade of headlines about coronavirus spreading and killing people. Some of that is priced in but even if the news is less-bad, risk assets are still going to be swimming against a tide of brutal headlines.
On top of that, the second-round effects are coming. Companies are going to cut guidance, spending and jobs. If there are no problems at banks, socially or in governments we will be very lucky.
Eventually, after all the bad news is out, the ratings agencies will finally wake up and there will be a wave of downgrades. The only thing you can be sure of is that they will be the last ones to the party. That will spark some forced selling but that might be a spot where you want to dip your toes in.