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How the market holds up to an eventual pullback will tell us more about its underlying strength .

Most of my quantitative colleagues agree that this 6-week rally has been driven not so much by economic stabilization or banks' revival or government stimulus, or even short-covering, but the surge in buying of extremely low-priced stocks.  This behavior points to a surge in retail-investor bandwagon-jumping, combined with black-box computer traders making hay. Yet overall institutional volumes haven't climbed much. This is interesting without being damning, just as the rally's latest week was impressive without being wholly convincing.