The stock market indices closed the week on a very strong note as opening gaps, and big ones, blew the indices right out of their 3-day consolidations. A strong follow up rally ensued as the indices spiked sharply higher in the morning. They then consolidated in stair-step fashion moving higher on the Nasdaq 100, though sideways on the S&P 500, but late in the session the SPX thrust and played catch-up, actually outdoing the NDX with highs near 1890 NDX and 1139 SPX. At that point they backed off in the last hour but came on again toward the close.

Net on the day, they closed with a very solid gain today, up 122 on the Dow at 10,566.20 and up 15.73 on the S&P 500 at 1138.70. The Nasdaq 100 gained 28.84 to 1888.56, and the Philadelphia Semiconductor Index (SOXX) was up nearly 5 points at 351.58.

Advance-declines were 5 to 1 positive on the New York Stock Exchange and 4 to 1 positive on Nasdaq. Up/down volume was extremely strong today in terms of ratio, about 12 to 1 positive, although total volume was only a little over a billion shares. Up/down volume on Nasdaq was about 6 to 1 positive on total volume of just under 2.3 billion.

TheTechTrader.com board was very strong with most stocks on upside today. Leading the way was InterMune (ITMN), which gapped up big on positive drug news and closed at 23.28 up 8.67 today. The Direxion Financial Bull 3x Shares (FAS) jumped 4.83 to 83.29, and the Direxion Large Cap Bull 3X Shares (BGU) 2.27 to 56.01.

Other point-plus gainers today included China Agritech (CAGC), up another 1.19 to 27.62, hitting an all-time high today over 28 at 28.14. NuVasive, Inc. (NUVA) rose 1.18 to 41.93, and Telestone Technologies (TSTC) 1.66 to 18.50.

Other fractional gainers of note: Acme Packet, Inc. (APKT) +52 cents to 18.02, Brigham Exploration (BEXP) +33 cents to 16.95, and Dendreon (DNDN) +45 cents to 35.30, hitting a new all-time high in the morning at 35.74.

McMoRan (MMR) advanced 56 cents to 18.55, and Xyratex Ltd. (XRTX) 50 cents to 15.33. The U.S. Oil Fund ETF (USO) also added 70 cents to 39.85 on firmer oil.

In addition, TiVo Inc. (TIVO) jumped 97 cents to 17.50, and China Armco Metals (CNAM) 1.10 at 9.60, although that was 1.50 off its high earlier in the session.

On the downside, the ultrashort ETFs got hammered with the Direxion Daily Emerging Markets Bear 3x (EDZ) dropping 4.02 to 47.95, adjusted for its 1 for 10 reverse split. The Direxion Daily Financial Bear 3x (FAZ) fell 1.03 to 15.84 and the Direxion Daily Small Cap Bear 3x (TZA) 49 cents to 7.70 along with the Direxion Daily Large Cap Bear 3x (BGZ), down 70 cents to 15.28.

Other than the ETFs, stocks on our board fell just small fractions. RINO International (RINO) gave back 58 cents to 23.34 with a late sell-off, and A-Power Energy (APWR) lost 48 cents to 12.75. Those were the only losers of more than just a few cents on our board in the equity section.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, consolidating midday, and then another spike in the afternoon sent them to new highs for the week before a late pullback brought them off the highs only to snap back again into the close. They closed not far off the session highs in a great week for the bulls.

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