Chart of the Day: Making 'Progress' With a New Holding
We recently added this one as part of the EPS Diplomats basket.
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So far so good for the new entrants in the Pro Portfolio's EPS Diplomats basket. Stocks in this group have outperformed the S&P 500 by more than 750 basis points since being added to the Pro Portfolio. That is some robust performance, and most of the names have been contributing to its success.
Insurance company Progressive Corp. (PGR) makes the list of Diplomats this time around. With strong earnings and guidance this company has been hitting on all cylinders. That is the positive from the fundamentals, but the chart tells us a different tale.
Some indicators are bullish but the main ones such as price and volume are not yet, though they have shown some improvement of late.
With the stock at strong resistance (50-day moving average) we see this one just moving sideways here, nothing positive yet to drive the stock higher. Money flow has improved while the stochastics are still bullish (momentum), which means if the price does break out here above recent highs (call it $240) then we could see a change in direction that would be bullish.
As a member of the EPS Diplomats, Progressive does not have a rating in TheStreet Pro Portfolio.
At the time of publication, TheStreet Pro Portfolio was long PRG.
