Fear and loathing on trading desks

Pisani's markets: Stocks tumble, sectors down

Covering the global markets is starting to sound like the daily suicide note. Or at least "Groundhog Day."

Every day with the gloom and doom. I get up at 5:30 a.m. I look at Asia. Down again. Europe, down again. U.S. futures, down again.

I call around, I read a bunch of trading desk notes to ascertain the source of this angst. I see nothing, I hear nothing, except whining and the vague sense of dread and unease that has permeated markets since June, coupled with a strong dose of ennui.

Like I said: "Groundhog Day."

Read More El-Erian: Seeing a classical overshoot, starting in emerging markets

The dread and unease centers on:

  1. Gloom on global growth (China/Brazil)
  2. Emerging market currency weakness
  3. Dollar strength
  4. Collateral damage from the commodity collapse

The concern over "collateral damage" is a particular concern of traders. It ranges from fallout in the high yield debt market to concerns some traders will start selling better performing sectors.