Pete Najarian: Amid Next Week’s Earnings This Report Matters Most

Chances are as you look ahead to next week, you're looking at the deluge of earnings reports about to flood the Street.

Some of the biggest market moving companies are set to release results. Take a look:

Monday: Caterpillar, Netflix
Tuesday: UPS, Amazon
Wednesday: Sprint, Visa
Thursday: Procter & Gamble, Exxon
Friday Merck, Newmont

But of all the companies scheduled to report, none is more important than Caterpillar, says Pete Najarian.

“We talk about global growth all the time and we talk about China. If Caterpillar puts up strong numbers and gives strong guidance then I think it will say a lot about the market as a whole."

In other words, as a maker of tractors, backhoes and other equipment used in construction, if Caterpillar releases strong results the Street will interpret them as a sign the slowdown in China and weakness in Europe has not brought the global growth story to a screeching halt.

And that's a big deal because China and Europe are by far the biggest drags on the market eclipsing the current and relatively strong earnings season.

"If CAT has good things to say, it will say a lot about the market. If that happens I think the S&P can finally break out,” Najarian says.

”I’d say be careful, counters Steve Grasso. “The macro-European story is steering the ship right now.” If we get bad news out of the EU Summit, no matter what CAT says, it won't matter.

* You can find out conversation about Caterpillar earnings about 4:30 into the video clip above.

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Trader disclosure: On Oct 21, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Najarian is long C; Najarian is long BX; Najarian is long MSFT; Najarian is long AAPL; Najarian is long WFT; Najarian is long CLF; Najarian is long X; Grasso owns AA; Grasso owns AKS; Grasso owns ASTM; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns KEG; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU; Karabell is long AAPL; Karabell is long GOOG; Karabell is long MS; Karabell is long IBM; Karabell is long MSFT; Karabell is long SLB; Seymour owns INTC; Seymour owns MSFT

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