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Pros: How Market Will React to Fed

Ahead of Wednesday's Federal Open Market Committee meeting, all eyes were on Ben Bernanke.

"I don't expect a huge, big story line to come out of the Fed today," OptionMonster's Pete Najarian said. "I think everybody's focus continues to be on the 'cliff.'"

On "Fast Money," Najarian cited the VIX.

"That says it all," he added.

Stephen Weiss of Short Hills Capital thought the stock market is "clearly building in a deal."

The Federal Reserve chairman, he said, was watching Washington's budget negotiations to avoid the so-called "fiscal cliff" which would trigger tax hikes and spending cuts on Jan. 1 if a deal isn't reached.

"I think the Fed's in a holding pattern," he said.

(Read More: Investors Face Big Risk Over Interest Rates: Blankfein)

Rosecliff Capital's Mike Murphy saw a clear cause-effect relationship from what comes out of the meeting.

"If we don't get anything from Bernanke today, I think you're going to see the market sell off here. I think we're pricing in the extension," he said.

"Clearly, the main focus is on the cliff. If we see Bernanke step away from the easing today, we're going to go a lot lower in the market. But I don't think that's going to happen. I think you're going to extend and see what happens with the fiscal cliff.'"

Trader disclosure: On Dec. 12, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long TGT; Enis Taner is long GS; Enis Taner is long AAPL 1X2 CALL SPREAD; Enis Taner is long GOOG PUT BUTTERFLY; Enis Taner is long SPY PUTS; Enis Taner is long XRT; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long RIMM CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long LLY; Steve Weiss is long BAC; Steve Weiss is long JPM; Steve Weiss is long C; Steve Weiss is long FXI.

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