It is all about political spin and expectation. 700 million is the expectation. If it gets sweeter than that or it appears it might, the addicts have a party and the market goes up. But if somehow that number get lesser, they go into withdrawal and the market goes down big time. If it stays the same, market gravity will send Hank and Bennie's levitation act down by between 100 and 200.
Down, Thursday and Friday were short covering. But there was a ton of fear on Wednesday and Thursday A.M. (VIX and Put/Call) which should take it up soon.