People are blaming this week’s market sell-off on rising tensions with North Korea, but it has “nothing to do with North Korea,” Canaccord Genuity’s chief market strategist Tony Dwyer said.

“This is all about a market looking for an excuse to sell off with a ‘natural, normal and healthy correction,’ which is only that way until you actually get it,” Dwyer told CNBC’s “Fast Money.” “And then, you run around with your hair on fire, unless you’re me.”

Corrections in the market are “normal and healthy,” Dwyer said. The size of the dip in a non-recession time period depends on whether people think there will be a recession, he said, and right now, nothing going on in the world suggests there will be one.

But Dwyer said he doesn’t think the dip is deep enough to buy yet.

He said he anticipates more investment in banks, industrials, industrial materials and some energy stocks because capital spending is already increasing and will accelerate.

Dwyer doesn’t blame passive investing for the absence of a bump following a “fantastic” earnings season. He attributes it to a runup before companies started reporting.

Dwyer said gross domestic product will increase along with capital spending that will end badly because the Federal Reserve will tighten policy and shut down credit.

“But that’s years away still,” he said.

Source: Investment Cnbc
North Korea tensions are just an excuse for a market looking to sell off, says strategist