I've spent hundreds of hours researching $PROG and it's a solid investment. I'm not recommending anyone sell their stock to buy in. It's simply a good play.
Frankly, the whole "distraction" argument makes no sense to me...
Investors don't play in the stock market to pick a single stock forever. They buy value where they see it, and I see value in $PROG.
You can make whatever argument you want, but there is nothing wrong with people investing in other stocks in order to build wealth.
Yes, $AMC is important.
Yes, $GME is important.
Yes, they both can squeeze.
Yes, there can be a MOASS.
It takes money to drive a stock up.
So while I'm waiting for them to squeeze, I'm going to continue making plays in other stocks that are more volatile so I can make money.
As it happens, $PROG can squeeze too. You called $SPRT a distraction too, before it went to $59. As I recall, I told you that you were wrong about that too.
I'm not telling people to sell their $AMC or $GME.
I'm simply using my spare cash to make more money.
That's investing.
I have mad respect for your research dude, but you're hard-headed, stubborn, and very fixated in your mindset.
I don't operate like that. I stay flexible, and I take advantage of opportunities as they present themselves.
And $PROG is an opportunity to make good money.
That's all there is to it.
If you think $PROG is a distraction, fine, whatever. I'm not gonna argue with you over that, because if that's your argument, you wouldn't hear anything I had to say.
You're still wrong. So with all due respect, it's my money, and I'll do what I want.
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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.
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...
... 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.
This error happens so frequently in trading that it has actually caused squeeze events because a stock rallied, and in the FOMO scramble, other stocks with similar tickers have rocketed with them.
This is a really good way to lose money just because you didn't spell check your ticker symbol.
Make sure you know where your money is going before you hit that buy button.
$PROG OTC/Darkpool activity indicates that algos and institutions are the main responsible parties for this price action today.
We continue to see tons of selling pressure routing to the exchanges whilst.
Reminder to use directed market orders to send your busy to the exchange.
This is a speculative explanation, but I have noticed that because of the plethora of available shares in dark pools, it seems likely that MMs will buy large sums of shares in DPs to grab an inventory of shares on the cheap.
This allows MMs to fulfill buy orders from their inventory instead of buying on the exchange, preventing the NBBO from being affected. Meanwhile, they can route any sells directly to the exchanges on a selective basis to create the illusion of massive selling volume.
For those that like to daytrade on ETFs, $IWM is severely oversold, and @unusual_whales flow is obscenely bullish following this dip.
An alert was fired for a whale buy on the $253 calls expiring 12/10, which are surprisingly cheap at $0.35 on the ask side.
Darkpool volume📈💥
Looks like a nice reversal incoming for the Russell.
It's always a good idea to have some side plays going to earn you a little bit of money, and if you're one of the #AMCAPES, betting on the Russell indirectly helps #AMC as well as it's part of that ETF.
I had a tiny bit of buying power left after I finished exercising my $PROG calls, and wanted to jump on something a bit more... diversified?
Just a nice little swing trade on the side that I noticed looks pretty juicy, so I'm gonna follow that whale.
I find it EXTREMELY unlikely that $PROG will announce an offering, even at these prices, before they or their biopharma partner announce the terms of their partnership, as both parties know it will cause a jump in value.
Even if a dilution comes, there is only 13m shares available to offer, and Athyrium has been scooping up every single offering that wasn't direct to market.
There aren't enough shares available to do any real damage & the offering would be bought within 3 days at this volume.
Suffice to say, I'm not even remotely worried about dilution. Even if it happens, I'll just set limit buys and get more shares at a discount.
It won't be enough to destroy a squeeze if retail simply holds and buys.