A downside spike in the closing minutes took the luster off the indices, but it was yet another day of typical holiday trading. There continued to be some downright crazy action in rare-earth and mining stocks like SHZ, XING, REE and TC, but the big-cap leadership was mixed at best.
This speculative frenzy in a lot of "junk" stocks, along with the lack of big-name leadership, is not very healthy, but for the opportunistic trader, this can be a very good trading environment. The key is to appreciate that the action is the function of positive end-of-the-year seasonality and thin holiday trading. Don't plan on long-term relationships with the stocks that are the star of the show this week.
I suspect we're going to see more crazy pockets of momentum tomorrow.