On this otherwise grim day for any bears out there, I must once again push some charts forward on my desk and pound my fist about one particular item: Progressive Corp. (PGR). True, this is a boring old insurance company with a ho-hum, not-at-all expensive P/E of 12, but this is seriously one of the cleanest looking topping patterns I’ve ever seen. Indeed, this is my largest non-ETF short position and the only equity on which I’ve “doubled down” and bought put options.
