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Although some of October's gains were generated by relatively strong corporate profits, a sizable chunk were triggered by euphoria over Europe's plan to contain its sovereign debt crisis. But skepticism returned as Italian and Spanish bond yields soared.And Tokyo caught the Street off its game Monday with the Bank of Japan weakening the yen to help Japanese exporters. Japan’s currency hit a post-World War II high against the dollar and the move hurts Japanese exporters by making their goods more expensive for overseas customers.Considering all the moving parts, how should you position? Should you expect a decline in November?Strategy Session with the Fast Money tradersLargely the Fast Money traders remain constructive on the market.Trader Pete Najarian thinks the pullback is probably nothing more than healthy profit taking. For a read he suggests watching the Vix. “Unless it breaks above its 50-day which is 29 – I think we’re only looking at orderly consolidation.”Trader Steve Grasso is concerned about the move by the BofJ because a weaker yen makes the US dollar stronger – and a strong dollar is negative for commodities and related stocks such as Materials, Industrials and Energy.”As a 'tell' I’d keep an eye on the S&P , specifically flat on year, which is 1257” says Grasso.
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