Matt Maley of MillerTabak had been skeptical of the advance. And there are developments in the market that he said appear somewhat negative. "Germany's stock market can't get through its 200-day, and high yield has started to roll over. They have both been leading indicators," Maley said.
However, there are so many tailwinds in the market, Maley admitted on CNBC's "Street Signs" that he's starting to turn bullish.
"The Dow transportation index is doing well," he noted, and Dow Theory suggests that strength in this index confirms strength in the Dow Jones industrials. Also he said, moves by the Bank of Japan should be stimulative. "And housing stocks are starting to make higher highs," noted Maley.
Going forward, Maley said he will look for confirmation from small caps. "I'd like to see the Russell 2000 make new highs," he added, because small caps have lagged blue chips year to date. Should that happen, Maley would move into the bull camp.
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John Manley of Wells Fargo Funds Management agrees that tailwinds in the market appear far more robust than headwinds.
And although he concedes the recent selloff was scary, he called the down move a classic bull market correction. "Fundamentals are still very much intact," he said. "I think the risk of a very sharp selloff is over."