Thread by @TRUExDEMON

I have something exceptionally positive to share with everyone in $PROG.

Today we just formed a Golden Cross. The 50-day MA just crossed above the 200-day MA. Now we just are waiting on volume to confirm.

One of the ultimate algo buying signals.

investopedia.com/terms/g/golden…

As others have pointed out, the cross actually happened yesterday. Today was confirmation and continuation of the trend.

Note that we gapped up in PM and filled that gap this morning before we re-bounded back up to test $2.70, a level of continuous stubborn resistance.

This doesn't mean that every day will be green going forward. What it means is that the stock is likely to enter into a long, ongoing bull-market with prices rising on a long-term trend.

Algos that trade on technicals look for these patterns to find an entry point.

The reason for calling this out is because this buying signal is market-wide on a day where the SPY has returned to a bullish trend for turn-around Tuesday.

Algos looking to beat the market are looking for stocks that are likely to continue to outperform.

Based on technicals alone, $PROG is a prime candidate, regardless of the already positive fundamentals.

There's an excellent case here for the price to continue rising in it's recent pattern of retracing 20% before making a weekly rise of 60-80%.

Options chain on $PROG is filled out on DEC 17. The weeklies are as dangerous as ever, and I've been avoiding them except for day trades. In for one day, out the same day or very next morning.

It's the quarterlies and monthlies I'm focused on, so let's discuss that.

OTM on the chain is 133,281 call options between $3 and $7.5 strikes for December 17, which is, compared to the float, a modest gamma ramp of less than 11%.

The P/C ratio is still 0.16, which is heavy on the call side, but it's mostly bearish and with very little premium.

The volume on $PROG remains low for these call options, so I am turning my attention to Jan 21, 2021 which has 129,197 calls on the chain in total already.

As we approach Dec 17, more investors will start rolling their positions to this next monthly expiration.

Early December has been weak for the stock market overall, but I'm expecting some turn-around as we approach Christmas with bonuses, dividend payments, and the withdrawals for tax purposes beginning to wane.

December is, statistically speaking, one of the most bullish months.

I'm expecting $PROG to start making it's next leap by Tuesday going into monthly options expiration week.

I've already used the dip as best I can to collect a larger, long-term position in $PROG and build an additional basis of shares and leap options. That's just my strategy.

Thanks to Ortex's new UI changes, we see $PROG is off the threshold list, yet we saw the greatest price movement during that period.

The short data shows that shorts have returned at least somewhat to $PROG on expectations that they are going to fall back to their lowest lows.

Additionally, we see that most of the borrowed shares have not yet been returned, indicating to me that there has been a lot of borrowing to cover FTDs, rather than borrowing to short.

There's a chance that shorts are still not as free and clear as we thought they were.

And now one final gem from @ORTEX
The options volume on $PROG toward the buy side today was worth over $2.4M

That's a significant turn around. Confirmation of a bullish recovery, or at least that the belief one is coming has been confirmed.

Looking forward to how the rest of the trading week plays out. Looks like it's time to start the next phase.

As always, NFA. Just an amateur with some data and a loud opinion. Please do the research for yourself, and only trade based on YOUR own thesis.

Best of luck.

@threadreaderapp unroll please