Today was a consolidation day on Nasdaq after the opening gap-up.  But the S&P 500 and Dow did trend higher and we had a positive day net at the end of the session. 

The Dow closed up 73, the S&P 500 up 8, the Nasdaq 100 3 1/3 and the SOX up 1.70.

The technicals were solid, with advance-declines positive by 20 to 11 on New York and 17 to 13 on Nasdaq.  Up/down volume was more than 2 to 1 positive on New York with total volume of 1 2/3 billion.  Nasdaq once again traded over 2 billion, with an 11 to 9 positive plurality on up/down volume.

TheTechTrader.com board was very active and mixed, but there were some very positive stocks to the plus side.  DXP Enterprises (DXPE) continued its monstrous move, up another 2.44 today.  Energy Conversion Devices (ENER) shot ahead 2.21 on more than 1 million shares and broke out of a 5 day downtrend.  Pacific Ethanol (PEIX) soared to a new all-time high over 37, closing at 36.94, up 2.94 on 6 3/4 million. 

A stock we traded several times today, Vical (VICL), was up 1.69 to 7.19 on 11.8 million on terrific drug news.  Apple Computer (AAPL) advanced 2.02, with the May 70 call options (which we added yesterday to our model portfolio) up 1.12, or more than 50% today.

Other stocks of note, Xyratex (XRTX) was up 78 cents, SunOpta (STKL) up 53 cents, Smith Micro (SMSI) also up 53 cents, and Universal Display (PANL) up 50 cents. Chindex (CHDX) snapped back for 35 cents, and Vimicro International (VIMC)was again up another 40 cents.  In addition, Sierra Wireless (SWIR) advanced 45 cents,

On the downside, Industrial Services of America (IDSA) gave back 68 cents, Electro-Sensors (ELSE) 86 cents, and BioCryst Pharmaceuticals (BCRX) 80 cents.

Other than that, most stocks on my board were just fractionally changed.

Stepping back and reviewing the hourly chart patterns, after yesterday's spike-down the markets managed to gap up in the morning, and the blue chips advanced steadily throughout the session, but Nasdaq failed to keep pace and is still mired in a 4-day downtrend off of last week's rally highs.

So we'll have to see if the Blue chips can make their way up & out of this zone and bring the NDX with it, or if the NDX will act as a drag and cause them to roll over.  The overall configuration remains positive on the blue chips and negative for Nasdaq, and that's the mixed picture that exits & the dilemma here.  We'll soon see which can create enough pressure to influence the other.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a free 15-day trial to his Real-Time Technical Trading Diary, or sign up for a free 30-day trial to his Top Charts of the Week service.