On the second trading day since the Brexit vote, investors around the globe offloaded shares. They're concerned about what's coming next.

Brexit and the uncertainty surrounding it drove Wall Street lower on Monday after wiping out two trillion dollars globally on Friday. The major indices were down by roughly two percent.

"It's unchartered territory. We don't know what the effects are going to be in Europe and globally so investors automatically feel somewhat reserved from being in the market," Jonathan Corpin, trader with Meridian Equity Partner, said.

Across the pond in Europe, the major indices also continued to feel the pain. But in Asia there was a bit of respite from Friday's hammering with Japanese and Chinese markets rallying.

The sharp sell-off comes despite reassurances from leaders around the world that this will not trigger another global financial crisis and they have the ammunition to contain the fallout. At this point though investors aren't buying it.

Many traders say they were disappointed and surprised there were no comments from Mario Draghi, the head of the European Central Bank on how to handle Brexit's negative economic fallout.

Ratings agencies also expressed concern. Standard & Poor's downgraded the UK's credit rating from Triple A to Double A and Goldman Sachs said it expects the UK to enter into a recession because of Brexit.

The biggest fear among traders in the U.S. was contagion.

"What if Italy decides that you know what they're going to have a referendum. Or France Now you're taking another two blocks out and that would be significant. I mean it's significant now but it would be a major blow, a super - probably one they can't come back from," Peter Costa, president of Empire Executions Inc., said.

While opinions vary on how long Brexit will impact markets, most believe choppy waters lie ahead.

"The re-pricing of securities throughout the world could take many, many months if not years to re-price. So for the long term investor I strongly recommend that you use what we call the window research method - - open your window and take a look outside and see what's going well," Ben Willis, floor broker with Winston Securities, said.

Willis suggests staying away from shares of companies that are heavily exposed to currency fluctuations and look at smaller companies targeting specific markets. Most agree in this era, picking your stocks carefully will be the name of the game.