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I'm going to cover one last item on $PROG today. I was looking at the Unusual Whales FLOW that Hootmoney posted, and there is definitely something happening here.
The OI on $5 and $7.5 calls for $PROG went absolutely nuts in the afternoon today, and I only just noticed.
The OI on $5 and $7.5 calls for $PROG went absolutely nuts in the afternoon today, and I only just noticed.
Almost all of the bearish volume came from selling call options at the end of the day, which I STRONGLY suspect is being done in order to quickly secure premium and scalp some cash before the options expire.
This is a very common action, but for it to happen in these numbers...
This is a very common action, but for it to happen in these numbers...
... holy shit. There are 111,295 calls OTM on $PROG between $5 and $7.50
That's a combined 11.13M shares on the table.
Those weren't there this morning.
A fair amount of these may be retail, but many times more are likely coming from market makers & HFs.
That's a combined 11.13M shares on the table.
Those weren't there this morning.
A fair amount of these may be retail, but many times more are likely coming from market makers & HFs.
Really liking this Wyckoff pattern here. $PROG is still on it's way to greatness. This little retest of $4.80-$5 is just confirmation.
Even if $5 - $7.50 calls expire OTM, this was a massive victory.
I've closed/rolled/exercised all of my 11/19 call positions.
Even if $5 - $7.50 calls expire OTM, this was a massive victory.
I've closed/rolled/exercised all of my 11/19 call positions.
Most of my remaining contracts are set up for January for safety reasons. (Always give yourself more time than you think you need.)
But the pattern looks like it's going to play out to completion before Dec 17, so I bought a big load of calls on the dip for 12/17 too.
But the pattern looks like it's going to play out to completion before Dec 17, so I bought a big load of calls on the dip for 12/17 too.
At this point, bulls have done so much damage to shorts this month that I have supreme confidence that the squeeze is coming soon.
And while I do not recommend FOMO-ing into any stock for any reason, $PROG is showing the strongest signs of squeezing of any other play this week.
And while I do not recommend FOMO-ing into any stock for any reason, $PROG is showing the strongest signs of squeezing of any other play this week.
Oof, I wish I hadn't slept in today. Could have made a real nice day-trade. Oh well.
Anyway, I see $PROG is doing awesome. Broke through two support levels in pre-market, and fell back to $5 before finding support.
All-in-all, pretty healthy correction.
Anyway, I see $PROG is doing awesome. Broke through two support levels in pre-market, and fell back to $5 before finding support.
All-in-all, pretty healthy correction.
Once we establish $5 as the new level of strong support, which it looks to becoming so, then we can expect to see another leg-up. $5.50 is a lovely target that we can easily break to put another level of call options in the money.
Lo and behold, Dec calls are filling up too.
Lo and behold, Dec calls are filling up too.
Shorts are still going to have a hard time borrowing shares at this point. Util is 99.9% and the net returns from two days ago are apparently already being borrowed again, which just means more money to take from shorts.
What an absolutely incredible day for $PROG. We didn't quite break that $5 area of support, but that wasn't the goal today. Our goal was to break $4 and we left it far behind us in opening 5 minutes of the day and never looked back.
#PROGGERS crushed it. 40% gain today.
#PROGGERS crushed it. 40% gain today.
We saw TONS of action on in the options market today, with the OTM chain blowing up massively as support flooded into the stock, from the surge to $5.
The volume on $4+ strikes is absolutely incredible, but what's more, exercising on deep ITM options was equally impressive.
The volume on $4+ strikes is absolutely incredible, but what's more, exercising on deep ITM options was equally impressive.
Now we have Wednesday ahead of us, and we are threatening to open up the options chain above $7.50 now that we have cracked through 4 new strike levels.
That's as bullish as it gets.
What's more, tons of puts have gone OTM and have lost more than 70% of their value below $4.50
That's as bullish as it gets.
What's more, tons of puts have gone OTM and have lost more than 70% of their value below $4.50
It's kind of funny, but I left my phone on silent and slept in today.
Glad I did. Seeing $PROG at $5 when I finally woke up was immensely satisfying.
Gamma still incoming. We need to hold $4.20 today and maintain the momentum. More options have been bought and exercised ITM.
Glad I did. Seeing $PROG at $5 when I finally woke up was immensely satisfying.
Gamma still incoming. We need to hold $4.20 today and maintain the momentum. More options have been bought and exercised ITM.
I actually sold 50% of my $5/$7.5 that I was holding for 11/19 & waited for a dip, full disclosure.
As it turns out, I now have an even BIGGER position in $PROG because of these calls, and I have enough buying power in all my accounts to exercise all my ITM calls for Fri.
As it turns out, I now have an even BIGGER position in $PROG because of these calls, and I have enough buying power in all my accounts to exercise all my ITM calls for Fri.
Reason why I sold those OTM calls is because we had a huge volatility spike, so I know that I can sell them for profit and buy them back cheaper when the stock relaxes, which it did down to $4.25
Just a little lesson in day trading.
Fibonacci extensions are awesome btw.
Just a little lesson in day trading.
Fibonacci extensions are awesome btw.
$PROG MEGA DD Thread part 1
Posted this back on October 20 after recent options expiration. The details of the charting and price movements should help inform #PROGGERS in order to give conviction to #SqueezePROG
Retweet to help spread the info.
threadreaderapp.com/thread/1450660…
Posted this back on October 20 after recent options expiration. The details of the charting and price movements should help inform #PROGGERS in order to give conviction to #SqueezePROG
Retweet to help spread the info.
threadreaderapp.com/thread/1450660…
$PROG MEGA DD Threed part 2
This is when #PROG officially hit all of my squeeze triggers, according to my Short Exempt Squeeze Signal Theory.
threadreaderapp.com/thread/1451687…
Short Exempt squeeze signal Theory explained: reddit.com/r/Wallstreetbe…
This is when #PROG officially hit all of my squeeze triggers, according to my Short Exempt Squeeze Signal Theory.
threadreaderapp.com/thread/1451687…
Short Exempt squeeze signal Theory explained: reddit.com/r/Wallstreetbe…
Not really DD, but just some pay observations I made that prove I'm not a complete dimwitted degenerate who only pretend to understand the stock market.
I predicted two of $PROG's major moves before they happened, not to mention the $AMC June sneeze
threadreaderapp.com/thread/1448305…
I predicted two of $PROG's major moves before they happened, not to mention the $AMC June sneeze
threadreaderapp.com/thread/1448305…
