As the year draws to a close the Fast Money traders examine issues that are frustrating investors – and whether they’ll ripple into ’09.

And one of the biggest issues this year has been volatility in the market. Following the October meltdown fear hit levels not seen since the Crash of ’87.

The widely popular VIX , often referred to as Wall Street's fear gauge, touched a reading of 89.53 in October – prior to that anything above 30 was considered a high number.

Will the craziness continue into next year?

Pete Najarian: I expect to see volatility return as new money comes into the market in January. But I don’t think we’ll see the VIX at 80 again.

Zach Karabell: You would have to have dramatically bad news that’s unexpected to have the kind of volatility we had in October and November.

Joe Terranova: I don’t think we can match the volatility that we saw in November.

Karen Finerman: I don’t expect to see the hedge fund unwind like we saw in ’08 (which in turn triggered fear). But I also think there are a some very dramatic events out there yet to unfold.

And if you’re wondering what Finerman means by dramatically bad news she speculates, “there’s a chance, a slim chance the EU could fall apart”. Now that’s would trigger volatility.

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Trader disclosure: On Dec. 24 th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (AMR) And Is Short (AMR) Calls: Najarian Owns (MSFT): Najarian Owns (XHB) Calls: Finerman's Firm Owns (AEO): Finerman's Firm Owns (MSFT) And (MSFT) Put Spreads; Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (BBT), (COF), (USO); Finerman's Firm Owns (ROH) Call Spreads; Karabell Owns (AAPL), (GOOG), (JPM), (CSCO)

Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.: Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (OFC), (DLR), (EXR), (IGE), (MAC), (DBC), (DBV), (SKT), (UA), (CLB): Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights

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