Back in the rising channel once again, this time after a hedgie load up and over 150k calls expiring ITM last week. $PROG is still moving aggressively toward a steady climb and short squeeze.
Technicals looking good
Plenty of calls on the chain for this Friday, but pretty modest in comparison to last week. This is a very weak gamma ramp relative to that.
We are still waiting for unhedged calls to be delivered today and tomorrow, so we can see some significant buying today....
... but we will see how it plays out on the charts.
Shorts were not covering last week, which means they were most likely trying to return and re-borrow shares that were failing to deliver.
And the cycle continues lolol😂
We can see that the short interest dropped, but if we compare the previous short reports, we see the ratio has adjusted retroactively.
This means the float has increased, which is supported by all major brokerages.
This was likely due to the exercising of warrants and...
Convertible debt securities that were previously issued and converted by their holders.
Despite what others may say, this is minor bullish news because these were already issued, were already being used as located shares for shorting, and have been exercised...
... which adds to $PROG's already significant balance sheet. The conversion of debt securities means that $PROG no longer owes their counter party the loan for which those securities were exchanged and no longer needs to make any premiums/ principle payments.
$PROG'S debt has been one of its major anchors to its success, but thanks to a healthier balance sheet, reduction of loans, and some new revenue streams incoming through its precludia product and speculative partnerships, the fundamental case for our is looking stronger each day.
While we are expecting another run this week, remember that anything can happen, and that we are waiting on that major partnership announcement as the catalyst for our next major move.
As always patience is 🔑
But you already knew that.
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$BBBY might actually be a very real, very powerful squeeze opportunity of a combined gamma and short squeeze. This thread will unpack the opportunity and analyze the charts, ortex data, and options interest in Bed Bath and Beyond.
This is an opportunity, despite the bankruptcy
As always, none of this is financial advice. There is absolutely no way of knowing, predicting, or accurately forecasting market volatility with any degree of certainty.
Please make sure to perform your own research to understand the risks, and exercise proper risk management.
If you want the video version of this, here is the DD I put out recently that discusses this opportunity; however, it does not include the Ortex data. For that, please read on.
I think it's extremely hard for Finra to justify its actions, but we need to acknowledge this has happened before with no consequences...
- $SPRT war flashbacks -
The problem is, class actions and lawsuits take many years... $MMTLP investors have a very big fucking problem NOW.
The situation with this forced sale of $MMTLP and extraordinary halt by FINRA is going to force everyone's shares into settlement, which will force them to transfer to a private company.
You can't sell them.
However, this is a taxable action, so... this is gonna suck but...
For those who are unaware, Congress and the White House are terrified of a rail union strike because it would cripple the US economy and cause transportation/logistics to break down.
Despite that, Union Pacific refused to grant additional paid time off for workers.
In response, The White House has made it illegal for rail workers to strike in the face of what it calls a national emergency.
The Union Pacific Railroad has the money & resources to grant these benefits but refuses to do so out of greed, not necessity. time.com/6238361/joe-bi…
I'm going to clear up something regarding $AMC's share dividend and the fears about a "dilution" through an equity merger.
This will be a bit lengthy.
While you might argue that it is "dilution", what you fail to realize is that @CEOAdam is giving you all a gift of free equity.
If a merger between the preferred shares happens, it will because apes voted on it.
Here are the pros and cons we should consider...
First, $APE is a new equity which is separate from $AMC, tied together only by the value of the company.
They are priced separately.
By itself, $APE has no bearing on $AMC's value, but it *does* offer a separate dilution option for the company that has nothing to do with synthetic shares in $AMC.
It literally has no effect currently.
But if AA can sell those shares, the company can use that cash.
Just a reminder of this thread where I highlighted the last time $BBIG barcoded like crazy before it hit a liquidity pool about 10% below it's average price on the week and then took off for the stars within 30 days.
$BBIG has more than 250,000 call options hidden in the options chain with the potential to expire ITM and put unimaginable pain on market makers and the shorts who have beaten $BBIG into the dirt.
For context, 257,640 calls is over 25.7M shares, or 20% of the total Free Float.
Market makers have been anticipating $BBIG would not survive this beat-down, and have been dictating the price on these options as worthless for the past month to convince retail to sell for pennies on the dollar.
In driving the price down so far, they've created an opportunity.