The markets had an upday on Thursday and the vast majority of gains were set in the first half hour.  The rest of the day was spent consolidating and backing and filling in a constructive manner.

Net on the day the Dow was up 38 1/2, the S&P 500 up 4.40, and the Nasdaq 100 up 14 3/4.  The Philadelphia Semiconductor Index (SOX) had a strong day, but it gave back some of the gains, still ending up 6.78 on the day.

The technicals confirmed the rally, with advance-declines positive by 5 to 3 on New York and about 3 to 2 on Nasdaq.  Up/down volume was 5 to 3 positive as well on New York on about 1.7 billion shares traded. Nasdaq traded more than 2 billion shares with about a 7 to 3 positive plurality.

TheTechTrader.com board was mixed, mostly higher.  There were some outstanding gainers and also some very volatile losers.  The leading gainer on my board today was Dynamic Materials Corp. (BOOM), which advanced 1.44.  Portfolio position Endwave (ENWV) had a strong afternoon rally and closed at a new 7-month high, up 1.24 on more than 400,000.

But the story today was in the volatility.  Pacific Ethanol (PEIX), which advanced to a new all-time high this morning over 37 1/2, then dropped sharply by nearly 5 points before rallying, but was still down 2.64 on the day on 8 3/4 million shares.

DXP Enterprises (DXPE) was even more volatile, soaring to a new all-time, over 56 this morning, before dropping nearly 8 points and then snapping back a bit in the afternoon.  But it still closed down more than 3 points on 1 3/4 million shares.

On the plus side, other stocks of note were Evergreen Solar (ESLR) in the alternative energy sector, up 81 cents; Fuel Tech (FTEK) up 71 cents; 51job Inc. (JOBS) up 64 cents; Smith Micro (SMSI) 56 cents; and SunOpta (STKL) 30 cents.  LMI Aerospace (LMIA) also advanced 35 cents.

Other losses of note: PW Eagle (PWEI), down 1.62, and Travelzoo (TZOO)  1.26.  Xyratex (XRTX) fell 95 cents, Energy Conversion Devices (ENER) 35 cents and BioCryst Pharmaceuticals (BCRX) 61 cents.

Stepping back and reviewing the hourly chart patterns, the thrust this morning and the following consolidation in the afternoon look very constructive on the charts, as the indices sit right on their moving averages in a consolidative, corrective manner, and look poised for another move higher.  We'll see if we get 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, 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.