The trading volume in recent days suggests that investors may be confused about where the market is going, but Art Hogan of Wunderlich Securities said Friday that this could actually be good.
"If you still have that much confusion after you've gotten the market back to where it started the year, after a 12 percent drawdown in the S&P 500, I think that you'd like to see as much pessimism about the path forward as we have now," the firm's chief market strategist told CNBC's "Squawk on the Street."
"I think we've seen, at pivot points, that you want to have as much negativity as we continue to have, to have a clear path forward."
U.S. stocks have gained further ground this week, but Monday and Tuesday were the two worst days, in terms of volume, of 2016. Lower trading volume means less people are trading.
"We've gotten to a multiples place that's pretty rich at 17 times this year's earnings … on the S&P. You don't want there to be an overwhelming shift in investor sentiment. We're still as negative overall … about how this market is going to go, and that is usually a pretty good sign this time," Hogan said.
The Federal Reserve kept interest rates unchanged Wednesday, and lowered the number of expected rate hikes for the year.
In the same interview, Krishna Memani, chief investment officer at Oppenheimer Funds said, "What's different now than it was in September and in October was the fact that the Fed is finally recognizing the implications of its policy on a global basis. That's what's very, very different."
On Friday, the three major U.S. indexes traded slightly higher and were on track to close the week in positive territory.