There are more sellers than buyers. These phrases describe the state of the stock market in the last session-and-a-half. No doubt, the stock market is long overdue for a correction, after a scorching rally since the election, and a solid start to Stocks went days without a 1 percent daily decline, a relatively unusual duration.

There is no doubt the market can fall further amid a variety of obvious concerns. The fate of "repeal and replace" means a few very important things to Wall Street. That tax, used to fund Obamacare is on the chopping block in the current GOP bill and would have provided a retroactive tax cut to stock market investors. The market has priced in a nearly immediate passage of new tax legislation. Infrastructure spending and increased defense outlays could also be delayed as the White House struggles to pass a budget.

Granted, it is far too early to make claims that such will be the case, but the president is struggling unexpectedly in his first days in office.

The art of the deal is looking a little less artful every day. FBI Director Comey's testimony, before Congressional Intelligence types, leaves the president "under a cloud," as was suggested by a key Republican congressman. These distractions, for lack of a better description, may prove transitory and the House might very well muster the necessary votes to pass the AHCA on to the Senate.

However, there is no guarantee the Senate will get the bill to the president's desk. Policy uncertainty, in my view, was largely the reason the market moved so much in Tuesday's sell-off. GDP estimates, for the first quarter, continue to slide toward a paltry 1 percent growth rate. Earnings estimates are also being cut; only weeks after analysts were projecting percent corporate profit growth in Wednesday's home sales data were disappointing as housing affordability is declining amid rising prices and rising rates.

There are political concerns in Europe, with the rise of ultra-nationalists in France, Germany and Italy, even though just such a challenge was just beaten back by the Dutch.

India's economy appears to be slowing, while there are call of duty ghosts video options moves in China's interest rate market.

The cost of overnight money, in China's interbank lending market, spiked in recent days without a clear explanation as to why. Chinese officials are also trying to slow the renewed inflation of their real estate bubble which, if popped, may be the burst heard 'round the world.

The other risks, that would literally involve shots heard 'round the world, deal with U.

As a consequence, we've seen a sharp drop in risk assets in the last 48 hours with a flight to quality assets like gold and U. Corrections, by their very nature, are short, sharp and scary. And, for now, I suspect the pullback in stocks is nothing more.

A 5 percent to 10 percent decline would be normal, indeed, welcomed by those who believe, as I do, that the bull has more room to run. Having said that, a big disappointment in Washington, a sudden downturn in domestic, or global economic activity, an aggressive markdown of earnings expectations, or an expansion of militarism could bring about a deeper, and more concerning pet adoption stockton california in the stock market.

As has become the norm with this new Administration, investors must take what happens when stock market goes down one day some would say one tweet at a time and learn to separate real news from the noise. It's very noisy right now and may take a little time before we know if the expectations that drove the market higher will be met or end in regret.

WHEN THE STOCK MARKET CRASHES, WHERE DOES THE MONEY GO

Commentary by Ron Insana, a CNBC and MSNBC contributor and the author of four books on Wall Street. Follow him on Twitter rinsana. For more insight from CNBC contributors, follow CNBCopinion on Twitter. Asia Europe Stocks Commodities Currencies Bonds Funds ETFs Investing Trading Nation Trader Talk Financial Advisors Personal Finance Etf Street Portfolio Watchlist Stock Screener Fund Screener Tech Mobile Social Media Enterprise Gaming Cybersecurity Tech Guide Make It Entrepreneurs Leadership Careers Money Specials Shows Video Top Video Latest Video U.

Video Asia Video Europe Video CEO Interviews Analyst Interviews Full Episodes Shows Watch Live CNBC U. Business Day CNBC U. Primetime CNBC Asia-Pacific CNBC Europe CNBC World Full Episodes. Log In Register Log Out News Economy Finance Health Care Real Estate Wealth Autos Consumer Earnings Energy Life Media Politics Retail Commentary Special Reports Asia Europe CFO Council.

The Stock Cycle: What Goes Up Must Come Down

Asia Europe Stocks Commodities Currencies Bonds Funds ETFs. Make It Entrepreneurs Leadership Careers Money Specials Shows Investing Trading Nation Trader Talk Financial Advisors Personal Finance Etf Street Portfolio Watchlist Stock Screener Fund Screener. Tech Mobile Social Media Enterprise Gaming Cybersecurity Tech Guide Video Top Video Latest Video U.

Video Asia Video Europe Video CEO Interviews Analyst Interviews Full Episodes. Primetime CNBC Asia-Pacific CNBC Europe CNBC World Special Reports Top States Paris Airshow Trailblazers Trading the World CNBC Disruptor 50 Lasting Legacy Modern Medicine College Game Plan Investing in: Israel Tech Drivers The Brave Ones Trading Nation Shaping the future Future Opportunities.

Register Log In Profile Email Preferences PRO Sign Out. US EU Asia Oil Bonds Gold. Here's what happens to the market if the health care bill goes down in flames Ron Insana rinsana. But there are other concerns, some obvious, some less so.

Overseas, the picture isn't any brighter.