It is well-known that the days surrounding the Thanksgiving holiday tend to have a positive bias, but what most aggressive traders are looking for is some wild, speculative action in individual stocks, not just positive action in the indices.
Back in the bubble days in 1999 there were some insane moves in garbage stocks that many traders remember fondly. One name in particular that I recall trading was K-Tel Records. There have been other holiday periods with pockets of good action in thin stocks, but it has varied quite a bit in recent years and is not the prevalent theme it once way.
So far here on this pre-Thanksgiving Wednesday morning the indices have a slight upward bias, but the strong move on Monday seems to have undercut the positive seasonality to some degree. Many traders were anticipating strength around the holiday and they tried to front-run it by jumping in on Monday. This is causing more sedate action so far here on Wednesday.
As far as the pockets of aggressive momentum, it is pretty narrow so far. My list of stocks that are up more than 5% on the day is short and there aren't any obvious themes. Biotechnology seems to be offering the most action right now with some things such as Karuna Therapeutics Inc. (KRTX) and Myovant Sciences Ltd. (MYOV) , but it is limited.
I'm focusing on keeping my accounts as close to highs as possible and not giving back gains. If I can find a few good trades I'll take them, but I'm not being aggressive at this point.
If you are leaving early for the holiday I wish you a Happy Thanksgiving. Watch for my annual Thanksgiving column tomorrow.