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Market to European Central Bank: Size of QE matters!

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Can ECB meet expectations?

Earnings and economic reports all take a back seat to the European Central Bank in the holiday-shortened trading week ahead.

Investors are looking to the ECB to on Thursday announce a program of government bond purchases, or quantitative easing.

"The only thing that is important next week is the ECB meeting," Mark Luschini, chief investment strategist at Janney Montgomery Scott, said.

"The ECB is going to be the biggest driver next week, what they decide to do as far as rates and their QE should have a big impact on global markets," Paul Nolte, senior vice president, portfolio manager at Kingsview Asset Management.

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