Mixed Picture on Fund Flows

Differences in the findings of the two fund surveys are not uncommon, partly because of how the data is both broken down and categorized. The AMG calculates fund flows by tracking 17,000 shares of open-end mutual funds, while Trim Tabs surveys 20% percent of all U.S. equity and bond funds.

Richard Williams, director at Next Generation Equity Research, said mutual fund investor moves should be heeded more than they currently are.

"Most individual investors are a lot sharper than they're given credit for, but they can't analyze the data as fast as the professionals, and so they become contrary indicators," he said.

He said Thursday's rally was probably not going to have a lasting effect, particularly because quarterly earnings will be released soon and that will influence the market.

"Confession season is the last few days of March and the first few days of April, and it doesn't make sense to have a rally right now," he said. "I think there's reason to be cautious here."