We finally had one minor bout of profit-taking, but before we barely turned red, the buyers jumped in and had us back in positive territory. Volume was extremely light, and breadth was around flat, but overall the action was healthy, with the big-cap technology stocks being the main driving force. Biotechnology and commodities also did well, while semiconductors and regional banks were the laggards.
With just a few days left in the year, it is very difficult to read anything significant into the action. There are lots of crosscurrents with market players making various tax-related moves and trying to add some last minute performance.
There can be some very interesting trading, for example GPRE and GFRE, both of which closed well, but you can't be too overconfident. The end-of-the-year action can be very whippy, and if don't pay attention, gains can slip away quickly.
We still have positive holiday spirit, but that doesn't mean we can't get hit with some selling before the year comes to an end.....
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