The markets had a very strong snapback session from the consolidation of the last couple sessions and yesterday?s late sell-off. The indices snapped back in the morning, pulled back mid-morning, and then rallied into early afternoon before another pullback occurred. They then had the strongest leg of the day when they burst up, taking the NDX from 1154 to 1190 in the last 90 minutes or so. The SPX went from 762 to 777 ? in the same period of time. The net result was a 5-wave bull rally today, closing at the highs for the day going away. The Dow was up 179 to 7395.70, the S&P 500 up 24.23 to 778.12, and the Nasdaq 100 up 46.72 to 1192.17. The Philadelphia Semiconductor Index (SOXX) was up 8.75, about 4 percent, to 220.91. Advance-declines were 4 to 1 positive on New York [More...]