The market is giving us some traditional holiday trading today. The action is quite upbeat, but volume light and there is quite a bit of volatility. Health Insurance Innovations (HIIQ) , for example, rocketed up $1.75 to new all-time highs at $19.25 and then gave it all back and more.
Other small caps I've mentioned lately, like Northern Dynasty Minerals (NAK) , Foresight Energy (FELP) and Vonage (VG) , are attracting attention but they can shift fast. There are also some big-cap names like Netflix NFLX and NVIDIA (NVDA) , which are exhibiting strong momentum, but you can see the traders hunting for fast action in smaller names.
Breadth is running a very solid 4600 gainers to 1800 decliners and there isn't any noticeable sector weakness. Even gold and silver are acting better, for a change.
The important thing about this market action is that you think like a day trader. You have to keep timeframes very short, as there is a high likelihood of being jerked around. If you go into trades with the right mindset, you can go quite well with some of the highly speculative junk.
I have my accounts at all-time highs and my goal is to finish this week at that same point. Hopefully I can knock out some fast trades and add to my numbers, but that is secondary to making sure I wrap up 2016 at highs.