Bouncing Stocks Face Hurdle

Look Ma, we can rally.

Proving that Tuesday's bounce was no fluke is what Thursday's stock market action was all about, says Randy Diamond, trader at Miller Tabak. He adds that relatively light trading volume also suggests that many market participants are on the sidelines waiting for Friday's nonfarm payrolls report from the Labor Department.

Indeed, the rally couldn't have been based on economic data. More mixed messages poured in Thursday. Retail sales in February were weak overall, but retail stocks rallied, and the Federal Reserve reported that household net worth in the fourth quarter jumped $1.4 trillion to a record $55.6 trillion. ...