A market in 'disarray' awaits the next move

October swings

Investors held their breath Friday during another wild day on Wall Street, in a whipsaw week that has seen some of the biggest gains—and losses—for stocks all year.

Whether it's anticipation of interest rate movement, headwinds posed by global macroeconomic factors or the impending earnings season, there's been something for everyone, bulls and bears alike.

The market has had three consecutive days of 1.5 percent moves or more either up or down, something that has happened only 54 times since 1928, according to Bespoke Investment Group.

The week looked to be ending in uncertain fashion, with stocks searching for direction during Friday morning trading.

"Wall Street is in disarray this week as the violent gyrations are causing havoc for fund managers and active investors hoping for a smooth fourth quarter," said Todd Schoenberger, president of J. Streicher Asset Management. "The fear factor is beginning to hit panic levels as worries about a worldwide economic slowdown become real, despite round after round of stimulus and central bank intervention."