On Thursday investors were again struggling with uncertainty in the market with a potential for a sharp sell-off looking as likely as a sharp rally.
The catalyst again was Europe – with an important summit scheduled for this weekend.
Bulls are hoping leaders make strong progress toward a solution – something Angela Merkel and Nicolas Sarkozy suggested was quite possible earlier in the month.
However, late newspaper reports out of Europe are saying that’s not the case and some are even saying the meeting could be postponed.
"It's a ping-pong game -- people have been burned by reacting to individual news stories only to have them refuted, withdrawn or contradicted," explains Stephen Massocca, managing director, Wedbush Morgan in a Reuters interview.
What should you expect from the market? What should you be watching?
Instant Insights with the Fast Money traders
Brian Kelly and Guy Adami are constructive on the market – at least relatively. “It seems the market just wants to shrug off bad news,” muses Adami. “If we can get above 1230, technically we’re off to the races.”
Brian Kelly agrees. He says with the stock markets of Asia and Europe lower on Thursday and copper down, the S&P had every reason to sell-off, but it didn’t. “As bearish as I’ve been, you have to respect the market action. If we get any kind of resolution out of the EU, I think the market just takes off.”
If Kelly and Adami are optimistic then Joe Terranova is downright giddy.
He tells us he’s convinced that “unequivocally the market is going higher. When I look at the internals of the market – gold is basically telling me there is no second recession coming. The yield on the 10-Treasury is maintaining its rise. And bellwether Goldman rebounded. I think the market is going to break out.”
That’s not to say there isn’t any skepticism on the desk, there is. If a rally is pegged to headlines out of Europe, Karen Finerman sees trouble.
”It’s naïve to think that when we get some kind of statement from the EU it will signal the whole crisis is over. This whole thing will not be over next Wednesday," she says "There's a lot of uncertainty but that's something I know."
Trader Steve Grasso also sees trouble in the technicals. "1230 has been a level of strong resistance. “I wouldn't get over anxious on the buy side.”
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CNBC.com and wires