Number 6: Fear and loathing on Wall Street. Merrill Lynch (NYSE: MER) showed Chief Executive Stan O'Neal the door. Now, analysts are worried about a possible dividend cut at Citigroup (NYSE: C) which may hasten the departure of that company's CEO, Chuck Prince.

Number 5: The weak dollar. Call me sentimental, but I miss the days when a dollar didn't get its butt kicked by the world's other currencies. I suppose it's good that U.S. goods and services are cheap, which certainly helps the earnings of the multi-nationals. It also helps the tourism business. But how long can our economy count on sales of foam "Number 1" fingers and MIckey Mouse ears for growth, since manufacturing grew in October at its slowest pace in seven months.

Number 4: You. That's right, you and countless people like you have a hand in the market's decline, and you should be ashamed of yourselves for keeping your money in wallets and bank accounts instead of spending it on goods and services. You tightwads have won the day for now, since consumer spending rose in September at a lower-than-expected rate.

Number 3: Political uncertainty. Many on Wall Street believe that if Hillary Clinton wins the presidency, she will unleash her legions of winged monkeys to raise their taxes and make their lives unbearable in many other ways. I think this fear is misguided, because as she showed at the recent debate, she can talk out of both sides of her mouth just as good as any Republican.

Number 2: The media. If the media keeps talking about Fed rate cuts, the declining dollar and the lousy housing market over and over again -- or in CNBC's case, yelling about it -- that can't be good for market psychology. If you tell people to worry, that's what they will do.

Number 1: FUD. Fear, uncertainty and doubt rule the day and will continue to do so for some time.