Trading Journal for 12/28
6:20AM: SPX futures are up to 3725 after Trump signed the spending bill. ACY is gapping up 115.2% on news of not being delisted; that doesn’t look like very good news. GRNQ is gapping up 93% on news of setting up a Bitcoin investment fund. BTC has risen around 15% over the weekend. Overall, the gapper stocks seem weak. So, I’ll be sitting tight and looking for stocks to start moving.
6:36AM: BTU is up 61.6% on news of a debt deal. It’s a high float stock and is currently testing support at SMA200.
6:42AM: ACY broke above the VWAP but pulled back soon afterwards. I’ll be watching to see if it moves towards its pre-market highs.
6:45AM: LOAC is a special acquisition company. It’s currently up 44% on no news I can see and is halted going up for the second time. Meanwhile, ACY is very choppy; new highs are met with sharp pullbacks.
7:25AM: Missed a move on ACY through pre-market highs.
9:26AM: ACY ended up posting a parabolic move, up 1,314%. I ended up not taking any trades on it because I saw it as too risky. My thought process was that it couldn’t possibly keep going higher, but maybe that’s not the right way to think about it. Buy high, sell higher, and use profits to offset risk.