There's no arguing that the bounce in stocks has been substantial. The S&P 500 has risen 13 percent in the five weeks since its Feb. 11 low — and closed on Friday just above its exact break-even level for 2016.
But there's something a bit, well, quiet about this whoosh higher.
"On rallies like this, we like to see an endorsement from money flow and from value trading and from volume, and that's one aspect of this move that falls a little bit short," Chris Verrone of Strategas Research Partners said Friday on CNBC's "Trading Nation."
Indeed, he points out that volume has been seriously bifurcated between the market drop that dominated the first weeks of the year, and the rebound that has been the story of the next month and change.
"Since the February 11th low, average daily volume on the S&P has been about 35 percent less than what it was in the first four or five weeks of the year," the technical analyst pointed out.