"There are more cracks in the armor than at any time over the past couple of years," notes Charles Payne, editor of Wall Street Strategies, who observes, "All the angst has hit the fan." He explains, "All the would-be negatives that have been in place for the past year continue to fuel anxiety."

The advisor points to housing sales, higher oil, and the evolving credit crunch as factors sending investors "into the hills, while others are in the game but with one foot in and one foot out."

The result of this scenario, he says, is "amazing volatility." The irony, he notes, is that this action comes in the face of "mostly fantastic earnings results."

As for the overall market, he notes, "It just seems like all the worries have manifested into a crescendo that will force stocks lower." But, he questions if there may be a silver lining.

Indeed, he says, "Just four weeks ago the greatest worry for investors was higher interest rates. How interesting it is that the market has become choppier and more volatile even as rates have steadily come down."

Payne continues, "Sure, Wall Street likes to worry, no matter what the circumstance. The greatest threat to equities was higher interest rates back then, but today it may be the economy is growing too slowly. Be that as it may, lower rates bode well for the economy, and for stocks, too."