NEW YORK ( TheStreet) -- The market did a good job of digesting Monday's mammoth rally on Tuesday, despite the latest round of uncertainty about the particulars of what's going on with Europe, namely the hang-up with Slovakia. The sentiment seems to be this won't be a big stumbling block but we'll all have to stay tuned to find out for sure, and futures did take a hit when the news that Slovakia's parliament had voted against expansion of the eurozone rescue fund. As always, nothing's a done deal until it's a done deal, so a degree of trepidation about the righting of the ship across the pond is warranted. Meanwhile, back stateside, recession fears seem to have given way to recession yawns. The recent hand wringing about whether we were in for a double dip or not when the data took a turn for the worse late in the summer has prompted some to ask whether it even matters. Citigroup analyst Steven Wieting isn't in that camp. Wieting is skeptical the U.S. even has the wherewithal to sink into another recession at the moment -- we haven't really recovered enough -- but he theorizes that it would be look out below if that scenario did come to pass, wondering out loud "how investors would process an affirmative answer?" in commentary on Tuesday. "A new downturn driven by sovereign debt strains would suggest a continuation of the 2008 credit shock instead of a simple recession/recovery pattern," he wrote. "Market pressures now suggest a lack of sufficient steps to restore the financial system to health, at least outside the U.S. (where long-term fiscal sustainability is the question). The all-too apparent risk is that U.S. financial conditions follow indiscriminately." Wieting said financial conditions suggest the chance of recession is around 25%, noting that the plunges in employment and production that accompany recessions would be difficult to muster under current conditions. "We have difficulty seeing how that will unfold with 6.7 million fewer working, no housing recovery to date and a small inventory rebound, among other dissatisfying recovery statistics," he said. So we're kind of protected from another recession because things are still pretty awful. Silver linings ain't what they used to be.