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The market may have bounced back from the recent sell-off, but trader Kenny Polcari isn't confident the upward trend will last.
U.S. stocks notched a 5-day win streak on Thursday after suffering a massive sell-off last week.
"The speed at which we broke through every one of those technical levels … my sense is it's not done yet. It needs to do it again to confirm that the buyers are really there," the director of O'Neil Securities said in an interview with "Closing Bell. "
U.S. stocks rose sharply in choppy trading on Thursday, with the Dow Jones industrial average ending 306.88 points higher at 25,200.37. On Wednesday, the major averages climbed back from the correction levels hit during last week's sell-off.
Michael Yoshikami, founder and CEO of Destination Wealth Management, said the bounce is due to investors who are afraid of missing out on the market.
"There's this buying pressure that happens when markets drop and when 10 percent down feels like a screaming opportunity to people that have been in cash for years, I think that's when you start to see upside pressure," Yoshikami told "Closing Bell."
Rising interest rates and fears about inflation sparked the sell-off, which was exacerbated by the crash in bets against volatility. Most notable was the plunge in the VelocityShares Daily Inverse VIX Short-Term exchange-traded note, trading under the symbol XIV and designed to give the opposite return of the Cboe volatility index, or VIX.
The VIX is a key measure of market expectations of near-term volatility conveyed by stock index option prices. It's sometimes called the "fear gauge."
Volatility refers to the amount of uncertainty in the size (and direction) of changes in a security's value and is typically measured by the deviation of returns.
Nicolas Colas, co-founder of Datatrek Research, says concerns about inflation and interest rates will be the story for the rest of the year. He said that will create more volatility.
In fact, the VIX has only peaked once for the year in February since it was invented in 1990, he told "Closing Bell."
"This market is going to be dialogue between the earnings growth fundamentals, which are fine, and rates going up, which is not so healthy for stocks, and the worry that that cascades to something more dangerous later in the year," he said.
By the end of the year, the market should see a gain of about 5 or 6 percent, according to trader Peter Costa.
"We'll have a choppy middle of the year — slow but choppy — and then at the end of the year we will rally, and I do think the market will be up," the president of Empire Executions told "Closing Bell."
— CNBC's Fred Imbert contributed to this report.