Greece sparked the most recent euro zone worry when leaders there announced what amounts to a go-it-alone strategy—minus central bank assistance—in righting its ship.
Meanwhile, investors jump each time it appears the Ebola scare is spreading. And to top things off, the supposedly sacrosanct U.S., which is expected to rise above the global economic weakness, has problems of its own, particularly in terms of consumer strength as evidenced by September's anemic retail sales numbers released Wednesday.
Read MoreCapitulation? Market drops on weak data, snaps back
Looking at the big picture, Boockvar believes that the downdraft in stocks is just getting started.
"This is not your standard 5 or 6 percent correction," he said. "This is going to be the first 10 percent correction we've had in a long time—at least."
But while equities get the most headlines, the reaction in the fixed income markets may be even more telling.
German bund yields slumped Wednesday prior to the U.S. market open while Greek yields spiked. For its part, the benchmark U.S. 10-year Treasury note briefly slid below 2 percent—where it has not closed since May 21, 2013—in what Boockvar called a pure safety play amid global turmoil.
"It's the classic flight to safety," Boockvar said. "When you're in a flight-to-safety trade, people are more worried about safety than the smarts of it."
Read MoreEuro zone crisis 2.0? Greek stocks tank
The massive decline comes the same week that a Bank for International Settlements official expressed fears over a "violent" market drop, particularly in bonds.
"If I had told you that there were heightened tensions in the Middle East and Eastern Europe, uncertainty about the turning point in U.S. monetary policy, a succession of strong U.S. job numbers, uncertainty about the future direction of policy in Europe and Japan, as well as increased concern about the strength of the Chinese economy, you would not be expecting that to make for a benign time in financial markets," Guy Debelle of the BIS said, according to prepared remarks for the Australian and New Zealand Investment Conference on Tuesday. "But that is what we have seen for much of this year."
Debelle's fears over market stability stem not only from those factors but also from a lack of liquidity in the fixed income markets—remarks that mirrored those from the TABB Group's Anthony Perrotta, who warned last week of a "doomsday" scenario shaping up in fixed income.
A "reason to suspect that the selloff might be violent is the starting point, namely zero nominal interest rates," he said. "That is a point we haven't started from before (with the possible exception of Japan). There are undoubtedly positions out there which are dependent on (close to) zero funding costs. When funding costs are no longer zero, those positions will blow up. Where are they? How large are they?