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This Bull Feeds on Volume

Friday, 20 Apr 2007 | 4:06 PM ET

Louise Yamada, managing director at Technical Research Advisors, told CNBC’s “Closing Bell” that the market needs more volume to consistently push the Dow Jones Industrial Average higher.

“From a purely price perspective, we think the Dow could continue to climb, because it did break out from an interesting six-year continuation pattern back it October,” Yamada said Friday. “It’s taken it about six months to get this far, but 13,000 was our first target.”

Market Technicals
Today's market rally is missing one piece of the puzzle, according to Louise Yamada, managing director at Louise Yamada Technical Research Advisors. She shares her view with CNBC's Melissa Francis.

The market stumbled in February, but she said technical indicators continue to improve with the exception of volume.

“Volume is a weapon of the bull,” she said. “If it doesn’t come in, we could see consolidation or a pullback. Under the surface, there’s been a lot of rotational behavior within sectors and even the Dow components.”

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  • With almost 30 years experience in business television, Bill Griffeth is co-anchor of the 3 p.m. ET hour of CNBC's "Closing Bell."

  • Kelly Evans

    Kelly Evans is an on-air correspondent, reporting across CNBC's business day programming. She is co-anchor of CNBC's "Squawk on the Street."