NEW YORK — After two years of losses, Wall Street is grateful for any gains it can get. But as investors are discovering, an advance alone is not enough. A rally that can extend itself, rather than fizzle out, has so far proven elusive — something analysts say will have to change for a market upturn to truly take hold.

        “A lot of people are still not confident in the economy or in the market. Until we see more confidence, you're going to have a market that backs and fills rather than moves and stays higher,” said Michael Murphy, head trader at Wachovia Securities. “A lot of people are afraid to make a commitment right now, for fear it's still early and they will buy the wrong thing.”

        This past week, investors cheered up when stronger-than-expected profits from Cisco Systems triggered the market's most powerful rally since the rebound that followed September's post-terrorist attack selloff. The Dow Jones industrials soared 305 points Wednesday, while the Nasdaq Composite Index climbed 122 and the S&P notched up 39.

        But Thursday and Friday, stocks pulled back. More significantly, trading volume dropped off — highlighting investors' apathy. Instead of being inspired by the advance and flocking to buy more stocks, they continued to stay away.

        Analysts say the retreat reflected the fact that the rally was really a rebound, rather than any more fundamental shift in market conditions or sentiment.

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