NEW YORK ( TheStreet) -- Terror is looking more and more like a good market bet.

On early Wednesday morning, shares of OSI Systems ( OSIS) hit a new 52-week high, beating a 52-week high that OSI Systems had just set on Monday.

OSI Systems was far from alone among the security firms benefiting from the latest terrorism fears, stoked by the recent attempted bombing of the flight from Amsterdam to Detroit. In fact, OSI Systems' gains on Wednesday look modest in comparison with ICx Technologies ( ICXT).

ICx Technologies was up more than 25% in afternoon trading, or $1.62, to $7.91. What's more, ICx Technologies' trading volume, like OSI, was astronomical, with close to 4 million shares traded, versus an average daily volume of 60,000.

The impressive gains made by ICx weren't even the biggest among firms focused on homeland security. Implant Sciences ( IMSC) was up 325% on Wednesday afternoon. Granted, Implant Sciences is a 25 cent stock that gained 20 cents on the day. Still, Implant Sciences' trading volume of 1.3 million shares versus an average of 59,000 is notable.

There has been much made lately in the markets of the potential plays on software firms that focus on the threats from cyberhackers, and can rely on dependable business from the government. So is the recent action in the electronic technology firms focused on homeland security reflecting a similar investment world opening up to investors based on the 21st century global threats?

Or are firms like Implant Sciences, ICx, and OSI doomed to be momentum bets, trading up wildly only when a would-be terrorist strikes a match to their shoe in coach class?

The Department of Defense has made waves with recent statements that it won't support lots of cushy legacy contracts in the defense sector as it looks to streamline its budget. So are Department of Homeland Security-focused stocks a better place for investors to look for reliable streams of income?

At least this week, the action has been terrific for all of these terror-related stocks.

-- Reported by Eric Rosenbaum in New York.

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