It seems nothing matters more to the market right now, than the outcome of the elections in Greece over the week-end.
On CNBC’s Fast Money Halftime Report, the show’s regular traders examined the possible outcomes and in the short-term, it appears the election is a win-win for bulls.
Outcome 1. New Democracy leader Antonis Samaras wins and conservatives take control of parliament.
Largely, the Fast Money team as well as other pundits believe this is the most likely outcome. Investors would take results as a sign that Greece remains committed to the EU.
“In this scenario the S&P should pop,” says pro trader Steve Grasso, Director of Institutional Sales Trading at Stuart Frankel.
“In fact, the question isn’t will the market pop, it's how much will it pop - and do you sell the pop?”
If you follow technicals, Grasso says the ‘tell’ will be whether the market can stay above 1335. “If it holds 1335, then technically the S&P should have another 2-5% move higher.”
Trader Stephen Weiss, managing director of Short Hills Capital agrees that this is the most likely outcome – but does not think 1335 holds.
“If the market does pop, fade the rally.” He believes the advance can not be sustained.