The first trading day after Christmas has arrived. Although the market is open, institutions are still in holiday mode, and liquidity has not yet fully recovered—this needs to be made clear. To truly see liquidity flow back, it’s most likely to happen after January 1st. Until then, the financial markets are basically in a "semi-holiday" state.

There’s quite a bit of activity in the precious metals sector. Gold and silver continue to hit new highs, and interest in rare metals remains strong. Interestingly, as gold hits new highs, the risk premium is shifting toward silver, and this will likely propagate to other metals like copper. This logical chain is still in effect.

Before the US stock market opens, overall stability is observed, but the performance of the seven major tech giants varies. In this low-liquidity environment, tonight’s trend is likely to be characterized by low volatility and weak oscillations. The S&P just reached a record high on Wednesday. In the current situation, oscillations at high levels or slight pullbacks may actually be more in line with the rhythm. One risk to watch out for is whether there will be a "profit-taking sell-off" after the holiday.

Of course, if tech stocks can rally tonight, the S&P still has room to rise. The problem is the current situation—liquidity has not yet recovered, and the sustained buying momentum in tech stocks is limited.

From the sentiment indicators, the SPHB/SPHQ ratio continues to decline slightly, indicating that funds have not significantly shifted toward high-beta assets. This risk appetite pattern is not good news for volatile tech stocks.

So the conclusion remains the same: the focus is on next week. Although today is nominally a regular trading day, from a liquidity perspective, it should still be treated as a holiday market, and don’t take single-day gains or losses too seriously.