An analysis of the market sell-off: What's likely causing it and how worried you should be

And it has yet to become evident that the market has adjusted to the probability that the outlook for economic growth and earnings is less favorable than suggested by the stretched valuations."And the build-up of investor anxiety over the U.S. election and rise of Bernie Sanders in the polls for the Democratic nomination suggests that primary results will be a part of any crescendo in Wall Street worry that would be a part of this sentiment reset.Meantime, attention has already turned to what this all means for already-easy monetary and fiscal policies around the world.Federal Reserve chair Jerome Powell last week sounded a dovish note in his press conference emphasizing the Fed's commitment to lift inflation to and beyond its 2% target. Canaccord Genuity strategist Tony Dwyer, who turned neutral on stocks from a bullish stance Jan. 20, is now waiting for technical indicators to reach extreme oversold readings before dialing up equity exposure again.Yet he points out that in coming months, "The global monetary and China fiscal stimulus coming out of this is going to be extraordinary."Investors did not come into this year expecting it to be another year of soft economic footing, sliding bond yields and market anticipation of ever-more stimulus.