NEW YORK ( TheStreet) -- Equity markets jumped significantly when it was announced a temporary resolution to raising the debt ceiling could be reached in Washington.

Keith Bliss, senior vice president of Cuttone & Company, told TheStreet's Debra Borchardt that 18 House Republicans are going to the White House at 4:30 p.m. EDT, seeking a short-term resolution.

While the news seems great to market participants, Bliss warned that many should remain cautious since a failure to agree will likely erase all of Thursday's gains. Any announcement should come around 6:00 p.m. EDT.

Bliss said the markets will have to deal with the drama and volatility every year until the federal government can agree on some of the broader issues of tax reform and entitlements. "Hopefully they will get something done," he said about today's meeting.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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