Fireworks Look Fleeting in Coming Week

Tim Holland, a portfolio manager at TAMRO Capital Partners, however, offered a contrasting view on volume for the coming week and the rest of summer. His says there is simply too much important news, pointing to Thursday's decision by the Supreme Court on Obamacare, recent events in Europe and the upcoming U.S. election.

He's also not ready to give the all-clear signal on where U.S. stocks head from here.

"Despite Friday's rally, people are still fundamentally very cautious, very concerned and really don't know what's ahead," Day said.

For his part, Adrian Day is looking for the S&P 500 to climb to the 1400-1420 range in the next few weeks, but he threw in the caveat that skittish investors stand ready to sell on any and all negative headlines.

"I don't think the dynamics of this rally are strong enough to ignore bad news," Day said. "People like to be neutral ahead of a holiday when other markets are trading."

Overnight on Thursday, European leaders said they are working on measures to lower borrowing costs for Italy and Spain in the near term as well as a $149 billion eurozone economic growth plan.

Day described the progress in Europe as "dealing with a small part of the problem" and said he expects more bumps in the road. "Over the ensuing months we will have more bad news out of Europe without a doubt," Day said.

As for next week's corporate news, there's very little in the way of earnings to look forward to. Names like Acuity Brands(AYI) and International Speedway(ISCA) are filling the role of headliners.

Acuity Brands, an Atlanta-based lighting products company, is slated to report its fiscal third-quarter results on Monday. Analysts, on average, anticipate earnings of 78 cents a share on revenue of $491.7 million in the May-ended quarter.

Daytona Beach-based motorsports entertainment company International Speedway is scheduled to report second-quarter earnings on Thursday. On average, analysts expect earnings of 40 cents a share on revenue of $158.65 million.

The only economic news that matters next week will be the June jobs report on Friday. The current consensus estimate, according to Briefing.com, is for an increase in nonfarm payrolls of 100,000, up from May's disappointing 69,000.

-- Written by Alexandra Zendrian in New York.