NEW YORK (CNN) - The "story" behind the stock market's selloff is that investors suddenly realized the U.S. economy is just not firing on all cylinders yet as so many had hoped, and that worrisome signs of slowing growth overseas suddenly have people doubting earnings momentum.
At the same time, many technicians have been warning since early this year that the market was due for a correction.
That's why it's so hard to know if this pullback is a sign that the economy really is stuck in some kind of jobless-recovery limbo, and stocks have had it for awhile, or if the this drop in stocks is a buying opportunity, as so many are arguing.
I certainly don't have the answer. But it seems to me the news on the economy is no worse than it ever was: lousy job market because of super-efficient workplaces and super insecure workers.
And the global economy has been giving off mixed signals for awhile.
Let me fall back on something that seems pretty clear at this point.
For the Federal Reserve this has to mean no action on interest rates for some time, because as long as jobs aren't growing and the stock market is vulnerable, incipient inflation worries will take a back seat.
And let's not forget the latest terror attack, a reminder of how fragile the entire world can be.
Kathleen Hays anchors CNN Money Morning and The FlipSide, airing Monday to Friday on CNNfn. As part of CNN's Business News team, she also contributes to Lou Dobbs Tonight.
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