The stock market indices had yet another negative day on Friday after a mid-morning rally was completely given back, and then some. The day started out with a quick move down, then a sharp spike up that took it up nearly 120 points, reaching the highs for the day at 2102 on the Nasdaq 100 and 1154 on the S&P 500. They then dropped, consolidated in bear wedges, holding the support line for a couple hours, and then stair-stepped their way down for the rest of the day, closing down near the lows for the day and week.

It was certainly another bad day on Wall Street, to say the least.

Net on the day, the Dow was down 172.93 at 10,819.65, the S&P 500 down 17.12 at 1123.53, and the Nasdaq 100 down 34.81 at 2038.22.

Advance-declines were nearly 3 to 1 negative on the New York Stock Exchange with 1070 shares up and 2942 shares down, and a little better than 2 1/2 to 1 negative on Nasdaq with 724 shares up and 1864 shares down. Up/down volume on New York was 2 to 1 positive with total volume of 1.8 billion. Nasdaq traded 2.4 billion, with 550 million up and 1.8 billion to the downside, and had a 3 to 1 negative volume ratio.

TheTechTrader.com board was mostly lower, although there were some gainers today. Leading the way, of course, were the ultra-short ETFs. VelocityShares Daily 2x VIX ST ETN (TVIX) was up another 11% today, or 5.89, to 59.94. The Direxion Daily Financial Bear 3X Shares (FAZ) was up 3.43 to 69.22, Direxion Daily Large Cap Bear 3X Shares (BGZ) up 2.38 to 50.41, Direxion Daily Small Cap Bear 3X Shares (TZA) 2.66 to 57.90, and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) 2.08 to 42.55.

In addition, Silicon Graphics International Corp. (SGI) jumped 3.17 to 15.10, or 26 1/2%. ARM Holdings plc (ARMH) gained 33 cents to 23.84, Marvell Technology Group Ltd. (MRVL) 71 cents to 12.68, and Clearwire Corporation (CLWR) 70 cents to 3.01, or 30%. MAKO Surgical Corp. (MAKO) was up 96 cents to 30.60, and Research In Motion Limited (RIMM) 93 cents to 26.69.

Those were the gainers on our board today.

On the downside there were quite a few losers. SodaStream International Ltd. (SODA) gave back 1.78 to 37.94, Caribou Coffee Company, Inc. (CBOU) 29 cents to 13.21, and Coffee Holding Co.Inc. (JVA) 29 cents to 15.35. ZAGG Incorporated (ZAGG) was down 42 cents to 14.48, Qihoo 360 Technology Co. Ltd. A (QIHU) 16 cents to 24.56, and Travelzoo Inc. (TZOO) 1.15 to 32.55.

Other losers of note included Apple Inc. (AAPL) down 10.02, Goldman Sachs (GS) 1.38 to 111.76, Amazon.com Inc. (AMZN) 3.59 to 178.93, and International Business Machines Corp. (IBM) 6.29 to 157.54.

Low-priced Molycorp, Inc. (MCP) lost 3.45 to 48.65, Brigham Exploration Co. (BEXP) 1.28 to 26.79, Global Crossing Ltd. (GLBC) 40 cents to 26.44, and Youku.com Inc (YOKU) 1.00 to 23.36.

Also on the downside was the Direxion Daily Small Cap Bull 3X Shares (TNA) down 1.93 to 36.24, and ProShares UltraShort DJ-UBS Crude Oil (SCO) down 1.55 to 61.60.

Stepping back and reviewing the hourly chart patterns, the indices were up early, rallying to the highs for the day in the first hour near 2103 NDX and 1154. S&P 500. The indices wedged for a couple hours, then stair-stepped lower to the lows for the day, closing on a very negative note for the day and the week.

After climbing as much as 120 points today, the indices ended down 172.93 points, or 1.6%, to end at 10, 817.65, which was down 4% from a week ago.

We'll have to see what happens next week.

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