The stock market indices opened with a big boom today. A gap to the upside ran nicely in the morning on Nasdaq 100, but the S&P 500 backed off of it in a falling wedge. They did try to rally, on the Nasdaq 100 back up to its high, but was unable to get through, while the S&P 500 negative diverged. They then rolled over in the afternoon, rather sharply, bounced into the close and salvaged nice gains for the day.

Net on the day, the Dow was up 60.16 at 12,482.22, about 90 points off its high. The S&P 500 was up 4.58 to 1293.67, about 10 points off its high, and the Nasdaq 100 up 21.26 at 2393.24, about 11 points off its high.

Advance-declines managed to edge higher, with a 3 to 2 positive ratio on the New York Stock Exchange, but Nasdaq was only positive by 190 issues. Up/down volume was 4 to 3 positive on New York, with total volume of 770 million shares traded today. Nasdaq traded about 1.75 billion shares and had a 4 to 3 positive volume ratio.

TheTechTrader.com board, as a result, was mixed, and there were some outstanding gainers. Leading the way by far, Ku6 Media Co., Ltd. (KUTV) jumped 1.92 to 3.30, or 139%, when it announced its partnership with YouTube. Energy Conversion Devices, Inc. (ENER) followed through from last Friday’s gains, up another 42 cents to 1.35, or 45%, on 13.6 million shares. Low-priced STEVIA CORP (STEV) rose 61 cents to 2.35, or 35%, and BroadVision, Inc. (BVSN), was up 4.30 to 21.76, or 25%.

In addition, Tesla Motors, Inc. (TSLA) gained 3.81 to 26.60, or 16 1/2%; ISTA Pharmaceuticals, Inc. (ISTA) up 95 cents to 8.22, or 13%; ArQule, Inc. (ARQL) 71 cents to 6.67, or 12%; Amicus Therapeutics, Inc. (FOLD) 54 cents to 5.55, or 11%; and swing trade RAM Energy Resources, Inc. (RAM) 38 cents to 3.73, or 10 3/4%.

Sears Holdings Corporation (SHLD) on rumors of a take-over today, was up 3.19 to 36.75, AsiaInfo-Linkage, Inc. (ASIA) up 81 cents to 8.77, Hollysys Automation Technologies, Ltd (HOLI) 85 cents to 9.81, Check Point Software Technologies Ltd. (CHKP) 3.98 to 54.88, Research In Motion Limited (RIMM) 1.30 to 17.47, low-priced Nokia Corporation Sponsored Ame (NOK) 43 cents to 5.64, TAAR Surgical Company (STAA), one of our Top 25, 72 cents to 11.36, and Questcor Pharmaceuticals, Inc. (QCOR) 1.94 to 38.42.

Coffee Holding Co.Inc. (JVA) was up 85 cents to 10.18, and Green Mountain Coffee Roasters Inc. (GMCR), which we traded today, jumped 3.90 to 50.87.

Among other stocks of note, Apple Inc. (AAPL) was up 4.89 to 424.70, reaching 425.99, less than a dollar from its all-time high.

On the downside, Dendreon Corp. (DNDN) gave back 33 cents to 13.70, Goldman Sachs (GS) was off 1.28 to 97.68, and Universal Display Corp. (PANL) dropped 1.07 to 40.67.

Stepping back and reviewing the hourly chart patterns, the indices gapped up, ran hard in the morning, stabilized, but the S&P 500 failed to follow through on the midday highs on the NDX and confirm. As a result, they rolled over in the afternoon, came down to test support, but did bounce late into the close and held support.

We’ll see what kind of follow-through we get tomorrow.

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