Hindsight Markets Small-cap stocks on August 25, 2026
JEM on August 25, 2026: why it ran
On August 25, 2026, JEM opened up 35.3% from the previous close of 3.82 and reached 8.68 at 11:56 a.m. ET. The exchange halted it 3 times.
- Previous close
- 3.82
- Open, 9:30 a.m.
- 5.17
- Gap at the open
- up 35.3%
- Pre-market high
- 7.05 at 4:00 a.m.
- High, 4 a.m. to 4 p.m.
- 8.68 at 11:56 a.m.
- Low, 4 a.m. to 4 p.m.
- 4.56
- After-hours high, 4 p.m. to 8 p.m.
- 7.25 at 5:34 p.m.
- Last trade before 4:00 p.m.
- 6.80
- Volume
- 8.42 million
- Relative volume
- 53.6x
- Float
- 639,490 shares, from filings as of August 25, 2026
- Shares outstanding
- 672,015
Replay JEM's day
It starts at 11:16 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 11:19 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The day, step by step
- Small cap
- Momentum
- Gap, run and fade
- Catalyst: news
- Halted three times
- Float traded 10x by the close
The day before
On August 24, JEM opened at $4.01 and ran to $7.11. It closed at $3.82, below where it opened.
Its last trade that day, after hours, was $5.97.
Pre-market: the float traded by 5:07 a.m.
The first trades on the 25th were at $5.98, already well above the $3.82 close. The pre-market high came right away: $7.05 at 4:00 a.m. By 4:16 it was at $5.40, down 23% from that high.
By 5:07 a.m., more shares had traded than exist in the whole float (639,490). 1.37 million shares traded before the bell.
Here is what the chart doesn't show. From 7:14 a.m. on, someone was bidding for a lot of stock at exactly $3.82, the previous close, well below where the stock was trading. It grew to 100,201 shares at 8:56 a.m., about 16% of the float. At 9:17:03 a.m. it was pulled. The size left the book without trading there.
There were also ask walls above the price. One sat at $6.00 from 6:37 a.m. and one at $6.50 from 7:21 a.m.
The open and a quiet hour
It opened at $5.17, up 35% from the previous close. It dipped to $4.56 at 9:44 a.m., the low so far. Then it climbed to $5.79 at 10:35 a.m., up 27% from that low.
After that it drifted back. By 11:19 it was trading around $5.05, below the open, on thin volume.
Stop It's 11:19. JEM is at $5.05, below the $5.17 open, and volume is thin. The ask walls at $6.00 and $6.50 have been on the book since this morning. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 11:19 a.m. ET for your call, then show what happened. The clip starts at 11:16 a.m. ET.
The headline and three halts
At 11:20 GlobeNewsWire ran: “707 Cayman Holdings Limited Announces Signing of Term Sheet to Acquire Crucial Innovation Inc., Supported by US$10.25 Million Financing Led by GeoNova Holdings.” In the same minute the price jumped to $5.64, and at 11:20:31 it was halted (a volatility pause).
It reopened at 11:25:31 at $5.81, 3% above where it stopped. The $6.00 ask wall was gone by 11:25:34. 7,943 shares traded at exactly $6.00 in the 11:25:33 second. At 11:25:54 it was halted again, with the last trade at $6.39.
The second halt lasted ten minutes. It reopened at 11:36:02 at $7.33, 15% above where it stopped, with a single print of 64,304 shares. That cleared the $7.05 pre-market high. The $6.50 ask wall, which had grown to 37,394 shares at 10:36, was pulled one second later. In the reopen second itself a 24,026-share buy order swept from $6.60 to $7.50 across 52 price levels. A 20,856-share sell order swept back down from $7.03 to $6.60.
The 11:36 minute traded 425,460 shares. At 11:37 it ran to $8.08, up 10% from the reopen. Then it chopped between $7.02 and $8.41 for the next 18 minutes. At 11:42:06 one 51,679-share buy order swept from $7.94 to $8.40 across 45 levels.
11:56 and after
Stop It's 11:56. JEM is at $8.00 after touching $8.39 two minutes ago. A bid wall has just appeared at $7.00, below the price. Would you chase it here?
Press play: the real Level 2, time and sales and chart stop at 11:56 a.m. ET for your call, then show what happened. The clip starts at 11:53 a.m. ET.
Here's what happened. From $8.00 at the start of 11:56 it ran to $8.68, the high so far, in that same minute. Within two minutes it was back at $7.60.
It came back once more. At 12:00 p.m. it pushed to $8.26, a lower high under the $8.68 top. Then it slid. The $7.00 bid wall peaked at 26,779 shares in the 11:56 minute.
Stop It's 12:08. JEM is at $7.41, down from $8.68 twelve minutes ago. The bid wall at $7.00 has been on the book since 11:55. Would you buy the dip?
Press play: the real Level 2, time and sales and chart stop at 12:08 p.m. ET for your call, then show what happened. The clip starts at 12:05 p.m. ET.
At 12:08:44 a 20,364-share sell order swept from $7.10 to $6.95, and 11,665 shares traded at exactly $7.00. The $7.00 wall was gone by 12:08:45. The 12:08 candle ended at $6.76. At 12:09:08 it was halted (a volatility pause) with the last trade at $6.76.
It reopened at 12:14:08 at $6.75, a hair below where it stopped, on a 19,978-share print. A 5,000-share buy one second later averaged $6.69 against $6.61 on screen, $404 more. At 12:15 it hit $6.27.
The rest of the day
It slid to $5.88 at 12:49 p.m., then recovered to $7.11 at 2:09 p.m. and $7.17 at 3:26 p.m., both below the $8.68 high. It finished at $6.80 at the close.
After hours it climbed to $7.25 at 5:34 p.m. and dipped to $5.82 at 7:13 p.m. Its last print was $6.01 at 7:59 p.m.
By the close, 6.67 million shares had traded, about 10 times the float. Counting pre-market and after hours, 8.42 million traded: the float changed hands about 13 times, at 54 times its normal volume.
What to take from it
- A halt can reopen higher than it stopped, and the book is thin right after. The second halt stopped at $6.39 and reopened at $7.33. A 5,000-share buy one second later averaged $2,222 above the screen.
- After the top, the next push stopped lower. $8.68 at 11:56 a.m., then $8.26 at 12:00 p.m.
- Size on the book can leave without trading. The 100,201-share bid at $3.82 was pulled at 9:17 a.m., and the $7.00 bid wall, after 11,665 shares traded there at 12:08:44, was gone a second later as the price went through it. Walls are not guarantees.
Why it ran
News and SEC filings for JEM published between the previous session's close and the first minute JEM traded 20% above it, at 4:00 a.m. ET, newest first, from the same feeds the replay shows.
No news found before the move.
How it traded
Gap, run and fade. It gapped up 35.3% to 5.17 at the open, ran from the open to the high of 8.68 in 146 minutes through two halts, then gave back 54% of that move by 4:00 p.m., trading at 6.80.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | First trade 20% above the previous close of 3.82 | |
| 4:00 a.m. | Pre-market high, 7.05 | |
| 5:07 a.m. | Volume since 4:00 a.m. passes the whole float, 639,490 shares | |
| 9:30 a.m. | The open: 5.17, up 35.3% from the previous close | |
| 11:20 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 11:25 a.m. | |
| 11:25 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 11:36 a.m. | |
| 11:56 a.m. | High of the day to the close, 8.68 | |
| 12:09 p.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 12:14 p.m. | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 6.80, 21.7% below the high |
The shape is a fixed rule, not a judgement: gapped 10% or more at the open, ran 10% or more from the open to the high, and faded if it gave back 30% or more of that move by the close.
The day in numbers
- Volume, from the one-minute bars: 1.37 million shares before the 9:30 a.m. open (16%), 199,921 in the first 30 minutes (2%), and 6.86 million in the rest of the day to 8 p.m. (81%).
- Float rotation, the volume since 4 a.m. against the float of 639,490 shares: past it once at 5:07 a.m., twice at 8:57 a.m., three times at 11:25 a.m.
- The halt at 11:20 a.m.: up 11.2% in the 5 minutes into it, reopened at 5.81, up 3.0% from the last trade before it.
- The halt at 11:25 a.m.: up 13.3% in the 5 minutes into it, reopened at 7.33, up 14.7% from the last trade before it, then up 2.6% over the next 5 minutes.
- The halt at 12:09 p.m.: down 12.2% in the 5 minutes into it, reopened at 6.75, down 0.1% from the last trade before it, then down 4.6% over the next 5 minutes.
- Other days JEM met the small-cap rule in our recaps: 1, the latest on August 24, 2026.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 11:20 a.m. | 11:25 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 11:25 a.m. | 11:36 a.m. | 10 min 8 s | LULD pause (limit up-limit down) |
| 12:09 p.m. | 12:14 p.m. | 5 min 0 s | LULD pause (limit up-limit down) |
On this date the LULD plan ran under Amendment 18, in force from February 24, 2020: no band doubling at the open, and the closing doubling only for Tier 1 stocks and Tier 2 stocks whose previous close was at or below three dollars. See LULD halts or work out a band with the LULD calculator.
Trade this day
Replay JEM on August 25, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.