I've been looking for a little bout of selling around the end of the year, but Thursday wasn't the day it happened. Instead, sky-high optimism, strength in oil and commodities, some speculative trading and a better-than-expected U.S. Purchasing Managers Index kept the market's indices near all-time highs.
Volume slowed a bit and there were some dramatic headlines as South Korea threatened to shut down bitcoin trading. But there were still some areas of wild action, as names like Gain Capital Holdings (GCAP) , Helios and Matheson Analytics (HMNY) and Energous Corp. (WATT) attracted aggressive traders. The blockchain and crypto names might have cooled, but the appetite for fast-moving small-caps hasn't.
Friday is the last trading day of the year, and there might be some unusual action as money managers prepare for 2018. Some will dump some baggage and make tax moves, while others will look for some good plays to give them a head start on the new year. Volume will low, but will surge in the day's final minutes.
I plan to stay focused on some very quick trades in smaller caps. I'm also excited about what the new year might bring, and I'll be ready to go when we ring in 2018.
Have a good evening. I'll see you tomorrow.