The stock market indices started out with a negative move in the early morning as futures were low and the indices gapped down, reaching their low for the day. However, the indices turned right around and rallied sharply, aided by positive economic news. The rally took the Nasdaq 100 from 2243 and change to 2268, a 25-point run, and the S&P 500 from 1265 to 1277. They then backed and filled for most of the afternoon, came on before the last hour, and in the last hour pulled back but consolidated.

Net on the day, the Dow was up 31.78 at 11,722.89. The S&P 500 was up 6.36 at 1276.56, only a point off the high. The Nasdaq 100 was up 18.94 at 2270.40, less than a point off its high.

Advance-declines were 3 to 2 positive on the New York Stock Exchange and 2 1/2 to 1 positive on Nasdaq. Up/down volume was about 2 1/2 to 1 positive on New York with total volume over 1 billion shares. Nasdaq traded over 2 billion and had a 2 1/2 to 1 positive volume ratio.

TheTechTrader.com board had many stocks that were up more than a point. Multiple-point gainers included American International Group, Inc. (AIG) up 4.17 to 60.95, and Travelzoo Inc. (TZOO), one of our swing trade picks, up 2.81 to 44.57. SuperMedia Inc. (SPMD), also a swing trade pick, gained 1.25 to 11.43. InterMune Inc. (ITMN) rose 1.12 to 39.08, Coinstar Inc. (CSTR) 1.30 to 57.02, Ceradyne Inc. (CRDN) 1.99 to 33.59, and Acme Packet, Inc. (APKT) 3.05 to 60.59, tagging as high as 62.41 at one point, a new all-time high.

In addition, Amazon.com Inc. (AMZN) was up 2.41 to 187.42. Apple Inc. (AAPL) reached an all-time new high as well today, up 2.71 to 334.00, and Acacia Research Corporation (ACTG) advanced 1.15 to 26.38 after settling a lawsuit.

Other point-plus gainers included SinoCoking and Coke Chemical Industries, Inc. (SCOK) up 1.43 to 12.89, GeoResources, Inc. (GEOI) 1.80 to 24.76, BSQUARE Corp. (BSQR) 1.51 to 10.25, Youku.com Inc. (YOKU) 2.28 to 37.92, and IEC Electronics Corp. (IEC) 1.20 to 9.00. Opexa Therapeutics, Inc. (OPXA) jumped 84 cents to 2.40, a big percentage gain there.

Other stocks of note, GT Solar International, Inc. (SOLR) was up 57 cents to 10.01. SIGA Technologies (SIGA) snapped back 54 cents to 13.69. Northern Oil and Gas, Inc. (NOG) advanced 93 cents to 27.35. Magic Software Enterprises Ltd. (MGIC) gained 40 cents to 7.27. Local.com Corp. (LOCM) jumped over 7.00, and closed at 6.88, up 32 cents, while IDT Corporation (IDT) added 50 cents to 26.10, and Coventry Health Care Inc. (CVH) 96 cents to 28.64.

On the downside, SodaStream International Ltd. (SODA) was the only point-plus loser on our board, down 1.76 to 27.06, as that continues to give it up and is looking quite weak here. XOMA Ltd. (XOMA) lost 64 cents to 6.67, giving back recent sharp gains, taking a little bit of profit, and Molycorp, Inc. (MCP) dropped1.10 to 60.70 in a soft rare-earth group today.

Stepping back and reviewing the hourly chart patterns, the indices, after an early down opening, reversed sharply and were up the rest of the day, closing with nice gains on the session near the session highs going away at new 2011 highs. The hits just keep on coming!

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