The markets had an up-session, but after the initial thrust they pretty much meandered sideways in a consolidation pattern but what I would consider a bullish one. However, Nasdaq lagged today and the Philadelphia Semiconductor Index (SOXX) was actually down on the session.

The day started out, as indicated, with a strong thrust to the upside which tagged the morning highs right off the bat. They had a sharp sell-off that held support on the S&P 500, although they did dip below support on the Nasdaq 100, which was weaker most of the session. They went back and forth in a coiling-type pattern for several hours, and with about an hour and a half to go they rallied again, with the S&P and Dow making new session highs with the Dow slightly crossing 12,500 and the S&P 500 tagging 1365.

A pullback late in the session brought them off the session highs. However, net on the day the Dow closed up 96.4 and the S&P 500 up 8.34, but the Nasdaq 100 was up a paltry 2.59. The Philadelphia Semiconductor Index (SOXX) was actually down 1.84 and put pressure on the NDX for most of the day.

The technicals were positive by better than 2 to 1 on advance/decline on New York but just 4 to 3 on Nasdaq. Up/down volume was positive by 2 to 1 on the NYSE with 1 1/2 billion traded. Nasdaq traded more than 2.1 billion, and had a little less than 2 to 1 positive ratio.

TheTechTrader.com board was very mixed, with several point-plus gainers and losers.

On the plus side, the junior energy group, of which we have a few in our portfolio, did very well today. Canadian Solar (CSIQ) advanced 1.05, Solarfun (SOLF) was up 1.62, Emcore (EMKR) up 48 cents, Akeena Solar (AKNS) advanced 51 cents and Energy Conversion Devices (ENER) up 44 cents.

So it was a very strong performance for the junior solars today and several of our portfolio stocks.

Taser (TASR) on positive news of a contract was up 53 cents.

Shippers were very strong as well because of a takeover in that sector. DryShips (DRYS) advanced 3.15 and TBS International (TBSI) 1.62, but Excel Maritime (EXM) lost 1.22 on an announcement of its acquisition of QMAR.

Low-priced Lumera Corp. (LMRA) on a contract with Lockhead Martin exploded, at one point reaching as high as 3.69, closing at 3.17, up 88 cents.

On the downside, in addition to EXM, losers included Cree Inc. (CREE), which gave back 1.23, Acordia Pharmaceuticals (ACOR) down 1.23, and Pharmasset (VRUS) lost 1.12.

Stepping back and reviewing the hourly chart patterns, the indices, particularly the blue chips, have been developing nice bottoming patterns recently and yesterday morning's retest of price support and moving averages on the hourly charts of the S&P 500 was bullish. Although the thrust off those lows was less than desired, it has been positive for the last couple sessions, and now overhead resistance near the 1368 area is being tested.

The Nasdaq 100 trails, and is a long way from its spike high of Friday morning when it reached as high as 1865. It's currently some 58 points away from there. So it's trailing badly. That needs to play catch up and in a hurry. We'll see how Nasdaq and the markets react to earnings from Yahoo (YHOO) and several other firms tonight.

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.