Market to European Central Bank: Size of QE matters!

"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,"

The markets are expecting a very impressive QE, a la United States, a la Japan.

Some investors may be playing both sides, and by that I mean playing for a big move. If they do come down with a big package, global markets will rally strongly, if they don't do much of anything, you could see markets fall apart," said Paul Nolte, senior vice president, portfolio manager at Kingsview Asset Management..

Read more: "There's a huge amount of anticipation, and a lot of volatility around this ECB decision on Thursday. It'll be a combination of what they say they're going to do, and their intentions after that,"