Most non-algo equity traders these days will tell you that the tape is horrible. And with good reason: equities have turned into a low volume, high volatility game where indices are choppier than ever.

Surprisingly, fear in the markets seems to be eroding slightly with the CBOE Volatility Index (VIX) slowly falling since Monday but remaining above the key 30 point level.

The U.S. debt ceiling situation seems to be on the back burner of everyone’s mind. Right now, Europe is the focus of most traders. One analyst report from Credit Suisse this week noted that the death of the euro as a currency could come sooner than expected.

“Until the situation in Europe is finally addressed volumes will continue to be light. There is no end in sight because Europe has put itself in a corner where they can’t deflate currency at the expense of Germany in order to address the situation Greece has put them in,” noted one trader at the New York Stock Exchange.

“France will be the next bank facing a crisis when their exposure is finally brought to light,” they continued. “How can a country with 2% of the GDP of the Eurozone affect the entire continent? Because they were dumb enough to believe that Greece should be able to borrow at the same rates as Greece. Stop kicking the issues down the road they need to be addressed now or the markets will continue to stagnate”

A few traders Markets Media spoke with said they won’t be holding any securities through the extended Thanksgiving Day holiday weekend in case something should happen in Europe over the break.