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How Much Stock Market Uncertainty Ahead?

“Fast Money” experts weighed in Thursday on whether coordinated action by central banks around the globe and China’s lowered bank reserve requirements will have lasting effects.

Trader Stephen Weiss said fundamentals for Europe were still troubled.

“I don’t think they’ve made any headway in solving the major issues,” he said. “It was an act of desperation because the markets are frozen there in terms of financing and lending.

“You’ve still got to get to the root of the problem.”

Patty Edwards of Trutina Capital urged caution, suggesting that the market had yet to hit bottom.

“What happened yesterday, in my eyes, was like putting a Band-Aid and a kiss on a broken bone,” she said. “Yesterday was just staving off a Lehman-type thing. Given that, you had six months after Lehman collapsed before the market bottomed. We’re not done.”

Macro guru Keith McCullough of Hedgeye Risk Management noted that China’s first drop in the reserve requirement occurred in September 2008.

“Six months later, the S&P 500 was 46 percent lower,” he said.

Brian Kelly found a familiar story line in China’s move.

“Even if this is 2008 for Europe, everybody knows what the story is. We’ve seen this movie before, so you’re not going to have that six-month lag. We had that six-month lag because nobody knew what was going to happen,” he said. “We know now what the game plan is: The ECB, the Federal Reserve and every other central bank in the world comes in and saves the day.”

McCullough disagreed.

“I don’t think anybody knows how this ends,” he said. “Embracing uncertainty in this market is critical.”

(Related Story: Markets Focus on Europe, But China May Be Bigger Worry)

If China’s GDP growth slows to 5 to 7 percent after double-digit gains over the past few years, McCullough argued, that would impact global demand “that nobody should, with a brave face, say they know exactly how that ends.”

Kelly said the Federal Reserve extending swap lines to the ECB sent a strong signal.

“By doing that, they told you that the ECB is not going to implode. And the reason why is, if Europe implodes, there’s no such thing as an ECB anymore,” he said. “Now the Federal Reserve is in the soup with everbody else. They have to support Europe.”

(Related Story: Gartman Credits China, Banks for Monster Rally)

Kelly added that aside from the liquidity event, the Fed’s move also served another purpose.

“What the Federal Reserve did is take the credit risk off,” he said.

Weiss said he didn’t know how this crisis would end.

“The ending is generally different, and we may in fact be looking at the end of the ECB because the euro may go away,” he said. “I’m still short the euro.”

(Related Story: Yoshikami on How to Invest in a Volatile Market)

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Trader disclosure: On Dec. 1, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Weiss owns BRCM, QCOM, EUO, SLV; Grasso owns AA, AKS, AMR, ASTM, BA, BAC, D, LIT, MHY, PFE, PRST, S, XLU;

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