Don’t call it a comeback … yet.

The stock market saw quite a rally on Friday, as the decline in bond yields seemed to spark a rise in equities, but another catalyst could have been at play: thin trading.

Consider this. Friday’s bounce came amid excellent breadth across the market — the number of stocks trading in the green far outweighed stocks trading in the red — and all S&P sectors finished positive on the session. In fact, even the session’s two laggards, industrials and telecom stocks, rallied nearly 1 percent.

Still, the volume was the lowest of the year, at just around 2.8 billion shares traded, and the breadth on the broader NYSE composite index was a mere 5-to-1 positive-to-negative ratio.

While the week ended on a strong note, we’re not out of the woods just yet. The next few weeks for the stock market should be quite pivotal when it comes to whether this bounce can continue.

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