As European leaders continue trying to hash out plans to restore long-term confidence in the euro by getting their financial houses in order, Americans can expect volatility to continue with the U.S stock market.

"The problem in Europe is really a spending problem. They can't afford the committments they've made," said Ken Kamen, President of Mercadian Asset Management. "While it's a great step to see that we're going to get the banking system sured up, it's still a problem on the longer term basis. If we don't see European governments make the hard decisions, these little incremental steps won't produce long-term results."

"Right now, we're in a market where the headlines are driving everything and we will continue to see that 'see saw' pattern for quite a while," said Kamen. "It's a 'yay and boo' type of environment where good news sends the market up and bad news sends it down. You'll see that here and in Europe. People need to recognize, we're in an area where the bigger issues need to be solved, but they won't get solved quickly, so this volatility will continue for a while."

The key is to have a long-term game plan. "If you don't get used to the volatility, you'll get beaten up in this market. Understand that if if the ups and downs cause you to lose sleep at night, then you can't stay invested in the market right now," said Kamen.

There is a silver lining. "These problems are finally being addressed in a very serious way which is a healthy thing especially if you're looking forward five years from now or further. For those investing in their future, this is all positive, but it's very gut-wrenching in the short-term," said Kamen.