The markets had another firm session today, although it wasn’t broad and the advance-declines were negative on Nasdaq today. So, a very selective advance.

The day started out, however, with a strong surge to new rally highs on the NDX. At that point the S&P 500 failed to make new rally highs. They then pulled back and retested, held the earlier lows, and then climbed slowly but steadily higher for the rest of the afternoon

Net on the day, the Dow was up 23 at 12,765, reaching as high as 12,779. The S&P 500 was up only 1.51, but the Nasdaq however was up 8.43, with the Philadelphia Semiconductor Index (SOXX) up 3.42. However, the OEX lost 0.48 and the technicals were marginally higher on New York by less than 3 to 2 on advance-declines and only about 7 Ã,½ to 6 on up/down volume, with total volume on New York fairly light at 1 1/3 billion. Nasdaq traded more than 1.9 billion, and had nearly a 2 to 1 positive ratio on advancing volume over declining volume. But advance-declines were actually lower by 9 issues.

TheTechTrader.com board was mixed, mostly narrowly so, but there were some outstanding gainers. Led today by NutriSystem (NTRI) up nearly $6 on 12 million shares traded. NextStage Medical (NXTM), which surged into the close, up 1.43 at 13.85. Among other point-plus gainers, First Solar (FSLR) had a follow-up gain to yesterday’s big gain, up 1.26 to 44.98, although that was nearly 2 points off the earlier high.

Avici Systems (AVCI) gapped up, pulled back, but still closed up 1.01 on the session. Align Technology (ALGN) was up 50 cents. Portfolio position Captaris (CAPA) surged near 9, closing at 8.88, up 36 cents. Chart of the Week Digimarc (DMRC) was up 33 cents to a new high, and Halozyme Therapeutics (HTI) jumped 26 cents and closed over 9 for the first time ever.

Qiao Xing Universal Telephone (XING) hit a new 6 Ã,½-year high, closing up 73 cents. It pressed 19 today. Rambus (RMBS) jumped 45 cents, with most of the gains coming late in the session. Radio Shack (RSH) hit a new 52-week high at 23.22, up 22 cents. Lumera (LMRA) popped out of a multi-week long declining tops line and closed up 66 cents on 4 Ã,¾ million. Portfolio position Inspire Pharmaceuticals (ISPH) broke out and closed at 7.37, up 33 cents.

On the downside, loss leader was Energy Conversion Devices (ENER) which gave back 90 cents. Fuel Tech (FTEK) gave back 40 cents, CDC Corp. (CHINA) 43 cents, and Chindex (CHDX) 76 cents. Allos Therapeutics (ALTH) backed off 42 cents, and all others losers were down just very small fractions.

Stepping back and reviewing the hourly chart patterns, the indices extended yesterday’s big gains, with a net profit, other than the OEX, but that was marginal at best, and we’ll have to see whether the market is running out of steam, or whether it just has paused to refresh. The markets are closed on Monday. TheTechTrader.com board is also closed tomorrow, as we’re on vacation for the holiday weekend.

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.