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Could Week-End Development Rock Your Portfolio?

On Friday chatter on the floor had everything to do with the potential of a game changing event happening over week-end when the NYSE is closed.

Specifically, money pros were trying to understand what the market ripple might be after reports suggested the ECB could lend money to the IMFand then the IMF could turn around and lend the money to European countries.

That’s a big deal because there are restrictions at the ECB prohibiting the amount of money the central bank can directly lend to the individual member nations. Presumably, this would circumvent the restriction.

And that matters to your portfolio because “a big Europe headline that’s positive – and I think we could bounce in the S&P,” explains Steve Grasso.

Trader Stephen Weiss says the same.

Although he thinks the developments are “a little crazy,” he concedes “this could put a floor under the market – but it has to be big enough – the amount that the ECB leands to the IMF has to be big enough - that’s what critical.”

Trader Jon Najarian agrees but suggests the move will be tradable – but not investible. “This is something like the 15th time that we’ve heard Europe was close to getting a deal done.”

Not until we actually get some kind of deal will any kind of market reaction be truly meaningful, he says.

In other words, this may be a case of buy the rumor and sell the news.

Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to .

Trader disclosure: On Nov 18, 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 KO; Weiss owns HPQ; Weiss owns RIMM; Weiss owns EUO; Weiss owns WLP; Karabell owns AAPL; Karabell owns MS; Karabell owns IBM; Grasso owns AKS; Grasso owns AMR; Grasso owns ASTM; Grasso owns AVAV; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns KEG; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU

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For Zach Karabell
Rivertwice has short puts AMZN
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Rivertwice owns IBM
Rivertwice is short EK

For Efraim Levy
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CNBC.com with wires.

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