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Central Bank Moves a Good First Step, Pros Say

Wednesday’s move by central banks in various countries to improve liquidity in the world’s financial system helped the market rally, but “Fast Money” experts questioned its lasting impact.

“Psychologically, it’s quite important. In Europe we have have policy makers, or politicians that don’t have a vision,” said Louise Cooper of BGC Partners. “Therefore, it’s always encouraging to see central bankers — the other policy makers — that are: 1) Working together in a coordinated way. That is a good thing. And, 2) trying to ease some of the problems of the credit markets.”

But she added that it would “probably not” ease the credit crunch significantly.

“Sometimes I think the equity markets just don’t quite understand how credit markets work,” she said.

One important number is the European Central Bank’s daily liquidity, which Cooper said shows how much money is banked overnight “by healthy banks with the ECB because they they don’t want to lend it out to anyone else.”

“That has reached enormous levels,” she said. “We’re looking at — overnight last night — 300 billion euro.”

Cooper also noted that there have been large equity moves, such as the DAX, up 11 percent and Societe Generale, up 17 percent.

“I think there’s a little bit of fear that if you’re running a European equity portfolio and you’re not performing and you see a massive rally in just a few days, you want to be in because that three-day rally could cost you your job,” she said.

Commodities trader Dennis Gartman noted that money is moving away from European markets and toward Canada, Australia and the United States, but he weighed in favorably on the move by the ECB, the U.S. Federal Reserve, the Bank of England and the central banks of Canada, Japan and Switzerland.

“Is this the end-all? Is this the be-all? No, it’s the first step,” he said. “Let’s at least give it credit for that.”

Trader Jon Najarian said it was not the time to write off Europe.

“I believe that the euro is in trouble, but I don’t want to be in the way of it,” he said. “I don’t want to be short the euro at this time.”

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Trader disclosure: On Nov. 30, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Dan Dicker Long IBM, BHI, RIG; Jon Najarian Long: CIGX, CBOE, CME Long Call Spreads: AAPL, AMZN, FCX, MS, BAC, X, NUE, ANR, ACI, MT, NEM, GG, NGD; Steve Cortes Long: Treasuries, Short: EUR, GBP, AUD, MXN, QQQ, DB, XRT, AAPL, Dennis Gartman Long: gold in euro, long canadian dollar in euro terms, long wti crude oil, long australian dollar short: sp 500 index, british pound

For Louise Cooper
No Disclosures

For Gene Munster
Firm makes market in YHOO

For Michael Pachter
Firm makes market in NFLX

C: SA makes market

JPM: SA makes market

BAC: SA makes market

BBT: SA makes market, Analyst owns position

CNBC.com with wires.