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"It's a ping-pong game -- people have been burned by reacting to individual news stories only to have them refuted, withdrawn or contradicted," explains Stephen Massocca, managing director, Wedbush Morgan in a Reuters interview.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.
