If Greece Elections Trigger Rally, Don't Be Fooled

If investors learned anything on Thursday it’s that the stock market could make a big move, at the drop of a hat.

Stocks surged higher in the late afternoon, after reports surfaced that central banks were set to act in a coordinated fashion if the outcome of the Greek elections roiled the market.

However, the S&P pared gains as the effort was called into question.

“Whether or not the report is true, it shows how quickly the market is currently reacting to every shred of news,” muses Fast Money trader Karen Finerman, president of Metropolitan Capital.

“It feels like the market is on a razor’s edge,” adds trader Tim Seymour, founder of EmergingMoney.com. “There’s been plenty of talk about the downside, but Greece could trigger huge upside, too.”

Seymour says pros are positioning for both.

Trader Jon Najarian confirms Seymour's observation. He's spotted bullish call buying in the options market. "Big investors want to be prepared for a pop. I’m seeing a surge in 129, 130, 133 calls in the SPY,” reveals the co-founder of OptionMonster. “Somebody is looking for follow through.”

If the market does pop, trader Stephen Weiss, founder of Short Hills Capital, suggests fading the rally. He doesn’t see anyway that gains can be sustain.

“Whatever happens in Greece, it doesn’t stem the financial crisis. They can’t agree on anything. Nothing is really getting better. The play is wait for the market to pop as nervous shorts cover, and then fade it.”

That begs the question – is there a long-term buy?

“It’s plays into gold,” adds trader Guy Adami, managing director of stockMONSTER.com. “I think gold is about to break a downtrend – that’s where I’d be.”

Posted by CNBC's Lee Brodie

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Trader disclosure: On June 14, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova is long NXPI; Joe Terranova is long LPX; Joe Terranova is long SNDK; Joe Terranova is long IBM; Joe Terranova is long HYG; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long SBUX; Joe Terranova is long WMB; Joe Terranova is long SJM; Joe Terranova is long UPL; Joe Terranova is long WFM; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long CNX; Tim Seymour is long BAC; Tim Seymour is long INTC ; Karen Finerman is long M; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Stephen Weiss is long QCOM; Stephen Weiss is long VZ; Stephen Weiss is long T; Stephen Weiss is long BCE; Stephen Weiss is long VOD; Stephen Weiss is long MDRX; Stephen Weiss is long HK; Stephen Weiss is short JCP

Jim Sanderson
Nothing to Disclose

Brian Kelly
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CNBC.com with wires.