The market had a strong session on Thursday, and it was strong from the get-go gapping up in the morning and running very hard early in the morning, reaching morning highs within an hour.  The next 4-5 hours were spent meandering sideways in a coiling ,corrective looking pennant-type pattern.

They broke out mid-afternoon, but despite the fact that the Dow hit a new all-time high at that point and the S&P 500 a six-year high, the Nasdaq 100 could not even take out the morning highs.  Over the last hour they pulled back again and pared back some gains, but still had a very solid session.

Dow closed at 12,416, a new all-time high, up more than 99.  The S&P 500 closed at 1425, up 12 Ã,¼, and the Nasdaq 100 at 1803 and change, up more than 20.  The Philadelphia Semiconductor Index (SOXX) was up 8.70, or nearly 2 percent, and thatââ,¬â"¢s what fueled Nasdaq today.

The technicals were positive by 3 to 2 on advance-declines on New York and a like amount on Nasdaq.  Up/down volume was even stronger, 3 Ã,½ to 1 positive on both exchanges.
 
However, TheTechTrader.com board was mixed to lower, with an amazing number of stocks we follow negative on the session.  There were no stocks down as much as a point, but the leading loser was Fuel Tech (FTEK), down 96 cents, despite being up more than 1 Ã,½ points in the morning.  So a big negative reversal there on fairly heavy volume.  Home Inns & Hotels (HMIN) dropped 70 cents, TRT 64 cents, and Global Sources (GSOL) 45 cents.

Other losses of note, Chindex (CHDX) fell 38 cents, AOB 36 cents, China Medical (CMED) 36 cents, and Gmarket (GMKT) 37 cents.

On the plus side, ININ was up 1.19 to a new all-time high before backing off, and Simpletech (STEC)  likewise hit a multi-year high to 11.15, up 1.14 on 2 Ã,½ million.  Rambus (RMBS) gained 43 cents, EPIX 49 cents, Energy Conversion Devices (ENER) 49 cents and the SMH gained 51 cents today.

Stepping back and reviewing the hourly chart patterns, the NDX broke out of a coiling-type pattern that itââ,¬â"¢s been is for several weeks now, but pulled back towards the end of the day.  The S&P and Dow vaulted to new 2006 highs, with the Dow reaching a new all-time high.

So, a mixed picture but a positive session.  The trend is your friend and the trend has not been broken. In fact, it was extended today, and the market can extend this even further.

But with the VIX at 13-year lows, complacency is rampant, and I urge caution as the market is vulnerable to a pullback at any time.

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.