The stock market indices started out with a bang as they gapped up sharply and ran up early on to near 2275 on the Nasdaq 100 and 1190 on the S&P 500. Then they backed and filled for several hours only to rollover sharply in the late afternoon trade. They stabilized for a 15-minute span, which caused a sharp upside reversal and an explosive move that took the NDX in the last half hour from 2252 to 2278 and the SPX from 1182 to 1194 1/2. It was a very monstrous move that closed indices at the highs for the day going away.

Net on the day, the Dow was up 330.06 at 11,433.18, the S&P 500 up 39.43 at 1194.89, and the Nasdaq 100 up 75.89 at 2278.65.

Advance-declines were nearly 11 to 1 positive with 2783 up and only 256 down on the New York Stock Exchange, and 5 to 1 positive on Nasdaq. Up/down volume was 25 to 1 positive with 846 million up and 36.8 million down on New York, with total volume of about 900 million shares traded today. Nasdaq traded 1.6 billion shares and had an 8 to 1 positive volume ratio with 1.4 billion up and 183 million down.

So, a stellar day on the Street!

TheTechTrader.com board had many stocks that exploded today for big gains. Leading the way today was Apple Inc. (AAPL), up 19.01 to 388.81, International Business Machines Corp. (IBM) up 4.23 to 186.63, which is an all-time new high, and Goldman Sachs (GS) up 3.45 to 96.14.

In addition, Questcor Pharmaceuticals, Inc. (QCOR) advanced 2.37 to 32.83, Youku.com Inc (YOKU) 2.24 to 20.29, SodaStream International Ltd. (SODA) 1.24 to 36.29, LSB Industries Inc. (LXU) 2.08 to 32.11, InterDigital, Inc. (IDCC) 1.36 to 48.88, Coffee Holding Co. (JVA) 1.20 to 10.24, Golar LNG Ltd. (GLNG) 1.95 to 33.27, and Brigham Exploration Co. (BEXP) in a strong onshore oil group, 1.65 to 27.35.

The ultra-short longs were ripping today with Direxion Daily Small Cap Bull 3X Shares (TNA) up 4.42 to 38.45, and the Direxion Daily Financial Bull 3X Shares (FAS) up 1.48 to 11.89.

Among other stocks of note, low-priced eMagin Corp. (EMAN) gained 1.08 to 3.98, or 37%, and Abraxas Petroleum Corp. (AXAS) up 72 cents to 3.29, or 28%. Mitek Systems Inc. (MITK) jumped 74 cents to 10.05, and Rio Tinto plc (RIO) 2.78 to 51.39.

On the downside, the ultra-short ETFs got crushed. The VelocityShares Daily 2x VIX ST ETN (TVIX) fell 10.90 to 67.00, after having traded as high as 109 a week ago. The Direxion Daily Financial Bear 3X Shares (FAZ) lost 9.04 to 54.77, and the Direxion Daily Small Cap Bear 3X Shares (TZA) dropped 6.25 to 41.42.

Stepping back and reviewing the hourly chart patterns, the indices roared early on, consolidated midday, and rolled over. It looked like they were going to get crushed, but they reversed into the close, closing at the highs for the day going away.

Today's session extended the rally from last week and exhibited very strong technicals. Let’s see if it will have a follow-through tomorrow.

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