It was a very strong rally from the get-go today. With positive economic news, the market gapped up and ran hard in the morning, and settled into a multi-hour consolidation that lasted for the rest of the session on the Nasdaq 100. But the S&P 500 managed to work its way higher to close at new session and rally highs.

Net on the day the Dow was up 203.82 at 10,005.96, closing over 10,000 for the first time in a while. The S&P 500 gained 20.13 at 1066.63, and the Nasdaq 100 was up 40.42 to 1721.09, a big day there.

Advance-declines were positive by nearly 5 to 1 on New York and by about 3 1/2 to 1 on Nasdaq. Up/down volume was about 7 to 1 positive on New York on total volume of just over 1 1/4 billion. Nasdaq traded more than 2.2 billion and had a 9 to 1 positive volume ratio.

TheTechTrader.com board was nearly all higher today, with many point-plus gainers. Leading the way was Fuel System Solutions (FSYS), which we day-traded today and which gapped up 4 points at the open at 38.47 and then soared nearly another 7 and change, closing up 10.51 at 44.31.

DG FastChannel (DGIT),a former portfolio position, rose 4.08 to 25.42 on positive earnings and contract news with Google. American International Group (AIG) jumped 3.08 to 39.28 ahead of its earnings tomorrow.

The biotech sector was very strong today. BioCryst Pharmaceuticals (BCRX) added 1.29 to 11.39 on 6.4 million. Dendreon (DNDN) advanced 1.44 to 27.78, Human Genome Sciences (HGSI) 1.09 to 27.57, and Jazz Pharmaceuticals (JAZZ) 1.05 at 7.56.

In the financial sector, Goldman Sachs (GS) snapped back 3.90 to 173.40, Wells Fargo (WFC) 47 cents to 27.29, JP Morgan (JPM) up 1.66 to 43.87.

Sourcefire (FIRE) gained 1.06 to 21.32.

Among the ultralong ETFs, the Direxion Financial Bull 3x Shares (FAS) was up 4.77 at 71.95, Direxion Large Cap Bull 3X Shares (BGU) 2.86 at 51.65, and the Direxion Daily Small Cap Bull 3x Shares (TNA) 3.23 to 39.30.

On the downside, the Direxion Financial Bear 3x Shares (FAZ) fell 1.69 to 21.30, Direxion Large Cap Bear 3X Shares (BGZ) 1.25 to 20.30, and the the Direxion Small Cap 3x Bear (TZA) 1.33 to 12.96.

Stepping back and reviewing the hourly chart patterns, they were up very strongly in the morning but consolidated for the rest of the session in an orderly corrective fashion, and the indices certainly look like they can get squeezed even higher, as investors’ hopes were bolstered by strong economic news today.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.