Greater market stabilization, however, remains to be seen as the rally could be short-lived, said Jonathan Corpina, senior managing partner at Meridian Equity Partners, on Friday.
A major factor that could have contributed to market volatility this week was its shortness due to the Presidents Day holiday on Monday, he noted.
"A lot of trading activity [was] combined into just four days. We've had a lot of volatility in this market both on the downside and on the upside, and volume hasn't really supported any of that," Corpina said on CNBC's "Closing Bell." "We're starting to build a little bit of a base here. We need to see if that can continue over time."
Corpina foresees the performance of the markets on Monday as a better indicator of how equities are really doing given that there is not a lot of economic data or earnings scheduled for that particular day.