After three days that slashed 6% off the Nasdaq, the market was due for a technical bounce.

The up move came Friday, but not without a struggle. The major indexes needed a late rally to finish up for the day. Still, the gains were substantial.

The NYSE composite led with a 1.8% advance. The S&P 500 rose 1.5%, the blue chip Dow 1.2% and the Nasdaq 1.1%.

Volume was up on the NYSE and slightly down on the Nasdaq, even with the help of options expirations. An expiration day normally pumps up volume.

Friday's Nasdaq volume was the fourth fastest day of trade in 2010, but Thursday's gigantic sell-off was a tough act to follow. Thursday marked the third fastest day of trade so far this year.

The top four volume days on the Nasdaq in 2010 have all come after May 5.

Of the four sessions, Friday was the sole up day.

While the bulls could take heart from the strong finish Friday, the day's action did little to change the market's overall picture. The Nasdaq did edge above its 200-day moving average, but the other major indexes are significantly under their 200-day line.

The market remains in a correction, discouraging all stock buys. And a follow-through, which could confirm a new uptrend, isn't in immediate sight.

Economic news Friday did little to change the market landscape for the better.

Germany's Parliament approved Europe's $1 trillion bailout plan, but fear over the debt situation lingered. In the U.S., the Senate passed a financial legislative package. Yet, many market watchers see it as punitive in nature and unlikely to boost the U.S. economy.

The market shrugged off the news, moving up and down seemingly independent of the headline.

Among industry groups, steel and mining-related stocks did well. Food and medical stocks fell.

Quite a few top-rated stocks showed some life, reversing along with the market.

F5 Networks (FFIV) retook its 50-day moving average with a 3% gain in heavy volume.

Grand Canyon Education (LOPE) scaled over its 50-day line as it added 3% in quick action. It is forming a 17%-deep base.

Other top-rated stocks, such as Urban Outfitters (URBN), Lululemon Athletica (LULU) and Chipotle Mexican Grill (CMG), started the day with big upside volume and then calmed down to good gains in above-average volume.

In this difficult climate, the disciplined investor should wait for a follow-through day before buying stocks. Don't give in to the temptation to jump the gun.