The market had a monster rally today and ended near the highs for the day going away. The day started out with a big gap up on very strong pre-market futures. They ran sharply higher in the morning, consolidated mid-day in very bullish, bull-flag fashion, broke out early afternoon and ran into the afternoon highs . They did get the sharpest pullback of the day with about an hour to go, but snapped back in the last 15-20 minutes, closing not far from the session highs.

Net on the day the Dow was up a whopping 331 points. The S&P 500 was up nearly 41, and the Nasdaq 100 more than 61. The Philadelphia Semiconductor Index (SOXX) was up more than 9 1/2, or more than 2 percent.

The technicals were VERY positive by 7 to 1 on advance-declines on New York and by 4 to 1 on Nasdaq. Up/down volume was 20 to 1 positive on New York and a more than 7 to 1 on Nasdaq. Total volume was just under 2 1/2 billion on New York and a similar amount on Nasdaq.

TheTechTrader.com board, as you can imagine, was extremely strong and very sharply higher with many multiple-point gainers. The shipping stocks led the way, as we thought they would. Two of our rebound stocks for a rally had an exceptional day today. DryShips (DRYS) was up 11.28 to 86.97, and Excel Maritime (EXM) was up 8.01 on 2.9 million. In addition, TBSI, also in the shipping sector was up 5.06. VMware (VMW) advanced more than 10 points today.

Other multiple point gainers included Sigma Designs (SIGM),which was up 3.35 in regular hours trading, but in after hours trading was over $65, +$9.25 ,as earnings were released & were way above expectations & they also raised guidance. China Finance Online (JRJC), another of our rebound candidates, was up 3.37. China Natural Resources (CHNR), also a rebound candidate, was up 3.12.

Chinese stocks in general were firm, with Global Solutions (GSOL) up 2.13, Chindex (CHDX) 1.35, Aluminum Corp. of China (ACH) up 2.46, and China Medical Technologies (CMED) up 1.65.

Solar energy stocks were strong. The junior stocks were positive but not as strong as some of the others. Ascent Solar (ASTI) gained 87 cents, CSIQ 82 cents, and Evergreen Solar (ESLR) 63 cents.

On the downside there were just a couple fractional losers. BIDZ.com (BIDZ), however, did drop 1.79, to 10.10. It was all over the place, getting as low as 9 and as high as nearly 12 earlier in the session.

Stepping back and reviewing the hourly chart patterns, the indices had as strong a follow-through thrust and we certainly got the confirmation that likely a short-term low is in and perhaps something even more significant than that. Potentially the year-end rally has begun which could last for at least the next several days and perhaps through the end of December.

We'll see what the next few days bring in terms of a pullback/consolidation and how strong the indices act going forward.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a free 15-day trial to his Real-Time Technical Trading Diary, or sign up for a free 30-day trial to his Top Charts of the Week service.