The Dow Jones industrial average, the Russell 2000 fund (IWM) , and S&P 500 finished in the red and breadth was negative. But there still was some very good holiday trading under the surface.
The strong speculative action come to life again after a mixed start and we finished the day with around 30 stocks gaining 20% or more intraday. That is a much higher percentage than usual and reflects aggressive trading by individual traders.
Although the electric vehicle sector lost its mojo, there was plenty of action in special purpose acquisition companies, cannabis, China names, and other odds and ends. The focus is on stories and price action, and in this current environment, there is a willingness to be aggressive.
Holiday trading typically continues on the half-day session following Thanksgiving. Volume will be light, but that isn't a bad thing, when individual traders are in control and running stocks up.
Monday is historically a weak day after the positive Thanksgiving action and that will likely be anticipated to some degree. It has been a good run this week, so it is important to not give back too much when the turn does come.
I want to wish you all a Happy Thanksgiving. My Thanksgiving column will be posted on the day, and I hope you will have an opportunity to read it.
