Merry Christmas holiday passed safely, and the market did not experience significant fluctuations. Whether this stability can be maintained going forward remains to be seen.

Holidays are inherently periods of liquidity exhaustion. The combination of Christmas and New Year makes liquidity even worse. The problem is: with fewer market participants and shrinking trading volume, a small amount of capital can move the market. What does this mean? The thresholds for triggering sharp rises or falls are significantly lowered.

A volatility that originally required a billion dollars to trigger might only need one or two hundred million during the holiday. Risks and opportunities often coexist in such times — but for most people, the risks far outweigh the opportunities.

During holiday periods, stability is actually the greatest luxury. The focus at this stage should be on defense rather than returns. In markets with poor liquidity, any aggressive operation is easily susceptible to sudden attacks.