Trading Journal for 5/4

6:24AM: SPX futures are down at 4162. PRPO was grinding up throughout yesterday on news of launching it’s COVID-19 rapid test product on Amazon. It closed up 172% and is gapping up 34.75% this morning.

6:35AM: PRPO is starting to open up. It’s currently halted going up:

I’ll be looking for it to test pre-market highs at $7.68 and then $8.00 and $9.00. It’s unclear whether we’ll see a continuation as this is a more thickly traded stock. I expect it to trade more like a large-cap.

6:42AM: PRPO is choppy at resumption:

6:43AM: Nonetheless, it posted a continuation after that sharp pullback:

A 5% pullback followed by a 10% pop makes it feel a bit risky.

6:47AM: Meanwhile, BLRX (+83.7%) is halted going up. It’s up on news of a multiple myeloma treatment.

6:51AM: PRPO is continuing higher. It has this pattern of bigger pull backs before continuations, which makes it hard to trade, because it’s hard to buy after a big pullback.

BLRX is pulling back as well. Also, SPX is down 1% on the day.