The markets were up on the session, barely on the blue chips, but Nasdaq had a stronger day due to the strength of the semiconductor stocks.  The day started out with a morning rally, where the S&P and blue chips didn't participate as well.  They backed off mid-session, rallied back in the afternoon to the morning highs, and backed off into the last hour.  But in the last 15 minutes they came on again, closing near the highs for the day going away, with the NDX closing at the high.

The Dow was up just 16, the S&P 500 just 1 and change.  But the Nasdaq 100 was up 11 3/4 and the SOX was up nearly 9.

The technicals were solid by better than 3 to 2 on both New York and Nasdaq on advance-declines.  Up/down volume was just less than 2 to 1 positive on New York on total volume of about 1.5 billion.  Nasdaq volume was about 1.6 billion, with a little more than a 2 to 1 positive ratio on up/down volume.

TheTechTrader.com board was active, mostly higher, with several outstanding issues.  It was led by Dynamic Materials (BOOM), up another 2.17 today on 1.5 million. Energy Conversion Devices (ENER) to another new all-time high reached as high as 46.44, but succumbed to profit-taking late in the session.  It closed at 44.88, up 1.59 on 2.3 million.

Other stocks in the alternative energy group included Evergreen Solar (ESLR), which reached another new multi-year high, on nearly 4 million shares, up 45 cents.   Distributed Energy Systems (DESC) was up 28 cents, and  DayStar Technologies (DSTI) advanced 39 cents today.

Other stocks of note, low-priced CTI Industries (CTIB) gained 1.66 on 8 million shares, one of Nasdaq's leading percentage gainers today.  Vertex Pharmaceuticals (VRTX) advanced 1.47, Kendle International (KNDL) 92 cents, and Broadcom (BRCM) 1.16 in the larger-cap sector.

On the downside, Momenta Pharmaceuticals (MNTA) got hammered for nearly 2 1/2 on 1.4 million, after a very strong move earlier this week.  Most other stocks, if they were down, were down just very small fractions, but the majority of stocks on my board were up today.

Stepping back and reviewing the hourly chart patterns, yesterday's strong rally continued this morning, consolidated mid-day and then closed firm.

The S&P 500 closed right at its 3-week declining tops lines.  The NDX led the market, having taken out the declining tops line and key resistance at 1590, closing over 1600 today.

Good trading!

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.