All I can say is, WOW! What a day for the overall markets. I was in meetings for most of the day, and was quite surprised as I sat at my computer to see that Sirius XM was trading above 1.00! Wow!
I should have stayed in the final meeting longer, because my glee quickly diminished as I watched in horror, the sharp decline that preceded the close. I witnessed first hand the blatant manipulation of the stock's price, as it was again taken below the magical 1.00 mark. It is so clear to me that certain powers are intent to keep Sirius XM below a dollar in the hopes of creating distress in the marketplace and further fear mongering of their delisting rumors.
It began at 3:30 p.m. One half hour before the close. On a rather low volume day, the final half hour of trading brought with it the following trades (in shares): 804,944, 243,551, 201,454, 406,500, 263,912, 584,292, 184,101, 378,551, 182,535, 157,934, 316,240, 374,583, 384,576, 480,653, 440,201, 152,134, 1,208,522, 931,328 for a grand total of nearly 8 million shares.
It seems odd to me in light of the fact that not a single 100 share trade was executed. No 1000 share trades. No 10,000 share trades. No my friends, in the final half hour of trading, these orders were manipulated at the expense of the small trader. The market for Sirius XM retail investors closed today at 3:30 p.m.. The after-hours session brought with it 3 more examples of stock manipulation. 3 blocks meant to bid the price down of 566,644 shares, 5,333,333 shares and 7,862,966 shares. Out the 14 million shares traded in the extended session at the time of my writing this article, nearly all of them came from these three trades.
Having successfully kept the stock under a dollar for the close, the retail investor was again permitted to buy and sell in the late session. So where is the SEC in all of this? I wish I knew. And perhaps we should all bring this to the attention of the SEC. While we're at it, it seems Attorney General Andrew Cuomo of N.Y. is interested in bringing these market manipulators to justice. I will post the links in the SiriusBuzz forums for anyone who wishes to file a complaint as I believe there is strength in numbers, and that together we CAN make a difference.
Position: Long SIRI