Considering it's close to Christmas, next week will be busy. While everyone knows about the Fed meeting Wednesday, there is considerable interest in the Federal Reserve's very large Permanent Open Market Operation (POMO) operation on Thursday...the Fed typically conducts bond-buying operations every day, but the size is usually $1 to $3 billion. On Thursday, it is $6 to $7.5 billion; many believe that it is no coincidence it is the day after the Fed meeting. There is no POMO on Wednesday, however.
The Senate vote on Janet Yellen as the new Fed chief will be next week, date to be determined.
Tuesday: Senate begins debate on budget deal
Wednesday: Fed announcement with press conference
Thursday: Huge Fed POMO; $6 billion to $7.5 billion over two operations
Friday: Quadruple witching expiration (quarterly expiration of individual stock and index futures options), S&P 500 quarterly rebalancing (Facebook, Alliance Data Systems, and Mohawk Industries to go into S&P 500), and Nasdaq 100 annual rebalancing
—By CNBC's Bob Pisani