On Tuesday investors were trying to figure out if the S&P was consolidating before the next surge -- or about to make a whoosh lower.
Talk largely centered on Europe versus the chase for performance - and which would prevail.
Europe-watchers are again growing jittery after a slew of headlines suggested leaders were not, in fact, on the brink of a sweeping plan to address the financial crisis as hoped.
Take a look at some of the headlines and stories:
- A meeting of European Union finance ministers that was to precede the second gathering in a week of European leaders was abruptly canceled on Tuesday
- A European official says there is now serious doubt that EU heads of government will agree on a broad package of financial measures at a summit meeting in Brussels on Wednesday.
- An organization representing banks that hold Greek government bonds have "nothing approaching a done deal yet" with the European Union on how much of a loss to take on Greek debt, the head of a banking organization in the talks told CNBC.
"These (headlines) come as a shock because we thought European leaders were nearing an agreement," says Larry Peruzzi, senior equity trader at Cabrera Capital Markets in a Reuters interview.
As you might expect the Dow and S&P traded lower on the headlines.
But that's not what the Fast Money pros find notheworthy. Our pros were impressed that stocks hadn't declined more after so many worrisome headlines.
And that suggests to Joe T that the chase for performance is trumping Europe.
Terranova firmly believes that there are money mangers who are underperforming the market right now – (after all the the Dow is up about 1000 points in October.)
And Terranova says the phenomenon should put a floor underneath stocks. "I think we're higher by Friday," he says.
Trader Patty Edwards agrees with Joe T. that into the end of the month the market will likely see a chase for performance.
And she sees other reasons for stocks to climb - earnings have been better than expected and the euro is showing strength, which takes the dollar lower. Lately a lower dollar has been bullish for stocks, she notes.
Trader Brian Kelly is equally constructive on the market, however he's much more focused on the Fed.
He’s hearing chatter that the Fed may take further action to stimulate the economy “and that should boost the market.” However he says, with so much uncertainty is you go long - also play with protection.
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Trader disclosure: On Oct 25, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova is long IBM; Terranova is long AAPL; Terranova is long GS; Terranova is long FCX; Kelly is short British pound; Dicker owns CHK; Dicker owns COP; Dicker owns HP
For Patty Edwards
Trutina Financial is long AMZN
Trutina Financial is long AGNC
Trutina Financial is long GOOG
Trutina Financial is long GLD
Trutina Financial is long POT
Trutina Financial is long SYT
Trutina Financial is long QCOM
Trutina Financial is long MSFT
Trutina Financial is long VLO
Trutina Financial is long NKE
For Brian Kelly
Shelter Harbor Capital is long 5 year notes
Shelter Harbor Capital is long GLD
Shelter Harbor Capital is long Corn
Shelter Harbor Capital is long Soybeans
Shelter Harbor Capital is long MOO
Shelter Harbor Capital is long IPI
Shelter Harbor Capital is long OIH
Shelter Harbor Capital is long MON
Shelter Harbor Capital is long MSFT
Shelter Harbor Capital is long EWA
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