The markets ended mixed today after a choppy session, but they did have a nice 3-wave rally in late morning to early afternoon that took the indices back from negative territory. But the semiconductor group, as we had indicated to our subscribers this weekend, may lead the market, and certainly did today, with the Philadelphia Semiconductor Index (SOXX) up 5.74 and as a result the Nasdaq 100 was up 12.84. The rest of the indices were down, with Dow falling 24.34 and the S&P 500 down 2.16, and the OEX down fractionally.

The day stated out with a move that failed at initial resistance and they moved lower, but they failed to follow-through. After double-bottoming mid-morning they then rallied steadily to get back to test yesterday's highs on the Nasdaq 100, but the S&P 500 was far from it at that point. When that occurred they rolled over and retested, held at mid-afternoon and then rallied to new multi-session rally highs on the Nasdaq 100. But the S&P 500 is several points away from that. At the very end of the day they tailed off a bit, ending mixed on the day.

Still, it was not a bad session considering the big gains we've had recently, so I'd have to say today was a positive day for the bulls.

The technicals were negative by 17 to 13 on advance-declines on New York and by 16 to 12 on Nasdaq. Up/down volume was about 6 to 5 negative on New York and 8 to 7 positive on Nasdaq, but total volume, however, was a light 1.1 billion on New York and 1.6 billion on Nasdaq.

TheTechTrader.com board was mostly fractionally higher, although there were some outstanding gainers. Leading the way was Jinpan (JST), one of our former Charts of the Week, up 3.04 to 34.50.

Shippers were generally positive, with TBS International (TBSI) up 2.35 and Excel Maritime (EXM) 1.84, but DryShips (DRYS) had a difficult session. Although it was up in the morning, it tailed off and closed down 91 cents on the day.

Chinese stocks in general were positive. China Finance Online (JRJC) was up 1.45 on more than 1.1 million, and China Natural Resources (CHNR) up 1.79.Home Inns & Hotels Management (HMIN) gained 1.29.

Recent portfolio position and former pick AgFeed Industries (FEED) had a stellar session to new all-time highs today, closing above 19 to 19.03, up 2.03 on more than 2 million traded. That 's strong volume for that stock.

Brigham Exploration (BEXP advanced 65 cents. Former Chart of the Week WSI Industries (WSCI) at 15.42 was up 1.95. Vertex Pharmaceuticals (VRTX) gained 57 cents, FuelTek (FTEK) 80 cents, former Chart of the Week GeoResources (GEOI) 43 cents, and Energy Conversion Devices (ENER) up 69 cents. Canadian Solar (CSIQ) was up 57 cents and Digital Alley( DGLY) up 38 cents.

Chart of the Week Broadcom (BRCM) gained 75 cents.

On the downside, there were no point-plus losers. InterMune (ITMN) fell 55 cents, Global Solutions (GSOL) 57cents, Washingotn Mutual (WM) 47 cents and Converted Organics (COIN) lost 43 cents.

Stepping back and reviewing the hourly chart patterns, the indices recovered from early morning losses and closed firmly, particularly on the Nasdaq 100 where the Philadelphia Semiconductor Index (SOXX) and the SMH led the way, with the latter at multi-month highs just under 31, closing at 30.94.

Although the S&P 500 and Dow are now trailing the NDX & COMP. I'd like to see them play catch-up. Its likely that the Nasdaq's strength is due to the surge in the Semiconductor groups. But we'll see if the blue chips can catch up to Nasdaq, which is now trying to lead the way higher.

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.