And the market is pretty much looking for a binary event.
That is, pros either expect the outcome to disappoint and for stocks to sell-off – or they expect much needed clarity and, as a result, an end of year rally.
What's the more likely outcome? Largely the Fast Money pros think its the latter, and that investors will fear being under-invested.
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> NEW SLIDESHOW: Slo-o-o-w Money, 10 Top Stocks for the Long-Term Investor
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"Higher is where I expect the market to go,” says Joe Terranove. "After the EU meeting I think we break through the 200-day around 1265." Terranova suggests playing IBM long. "I think it has a date with $200."
Tim Seymour also expects the stock market to go higher. “I’d own good companies at good prices,” he says.
Brian Kelly concurs. “It’s different this time," he says. "Europe doesn’t have much choice (but to act). Otherwise every country and every bank will be downgraded.”
As a result, Kelly thinks after the summit there will be a relief rally and chase for performance. “Every time we see Europe move toward stabilization it seems to lift the market. That suggests to me risk is to the upside.
If you're looking for a play he suggests long JPMorgan. "It's best of breed and Jamie Dimon talked about what they're going to earn; his comments weren't as bad as the Street expected. Also we could get some Fed action in housing next week."
Even Dennis Gartman who ultimately thinks the EU will break up is optimistic in the near-term. “They’re going to kick the can down the road and it’s a long road.” And he's putting his money where his mouth is. He's rotating a quarter of his position out of gold and into equities.
What do you think? We want to know!