Are You Seeing What I’m Seeing?
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
Brandon, I DID see the same thing you saw. And I agree that it is obvious that the stock is being heavily manipulated. But, who? GS? Is this that important to them and their postion? WHO? Is knowing who as important as getting the refi done (and as I always stress, done for the benefit of SIRI–no bad deals Mel)? I look forward to your thoughts.
I’ll tell you why it so important. One of the first things we learn in broker training is that the small investor comes before the institutional investor.
It is securities LAW that your trades and mine MUST be executed before an institutional trade at the same price.
There were buy and sell orders showing for smaller share amounts that went completely ignored. The little guy today was robbed. There were buy and sell orders in and around 1.00 that fell by the wayside as institutional trades were executed.
This is a moral basis for all trades in the market in any equity and it was beaten like a rented mule today.
Well now that naked short rules will be enforced, the naked shorters have 3 days to cover right? Or am I mistaken. If so, couldn’t that explain the rise and beat down?
Maybe they are just trying to get their last licks in.
Or at least I hope so.
As far as Goldman Sachs is concerned…how SWEET was that Forbes article where Goldman was crying foul. TOO FRIGGIN FUNNY.
If u missed it, heres an excerpt:
“In the last month, Goldman Sachs has finally fallen prey to the same market games and piling on that have felled its competitors. After peaking above 250 in October 2007, GS pierced 100 on Wednesday and dipped into the mid-80s on Thursday. In a New York minute, Goldman CEO Lloyd Blankfein had a “chat” with SEC Chairman Christopher Cox saying that the run on its stock was “totally irrational.” Does that mean the runs on the other investment banks were rational? I don’t think so. But the shoe is now on the other foot. So guess what? Goldman is squealing like a stuck watermelon (we can’t say pig, with or without lipstick).”
The article went on to say how one of the biggest victims of GS and naked shorts running rampant was Sirius. And that now that the SEC plans to enforce the rules perhaps a turnaround in the stock is due.
Maybe what we saw today was the beginning signs of this happening. I hope a 32% rise since Wednesday isn’t the end…because we are still down over 60% for the year. Gotta long way to go still. 🙂
Early this year FRB did extreme rate cuts killing dollar so that GS could make money out of oil and commodity. It worked for GS but didn’t last very long (at least not as long as they wanted), then they shorted stocks heavily with a help of ‘doing-nothing’ SEC. Now they are done with shorting, SEC will probably bring back uptick rule to protect what GS has been buying, the stocks they will upgrade soon. As long as when it comes to financial, this is GS country for sure. Or are they just that smart??
The only comfortable fact is that now they will not try to fuel oil or commodity again since it is too risky for them. The only way they can make money from now is by stabilizing the stock market and boosting certain sector. It could be health care tech(?), or consumer staple. No matter what that is, I guess they are heavily buying now. Market was ruined by GS, FRB, and SEC. Now they will try to get it back. Well this time we all should wish it would work for the sake of SIRI-XM and other stocks we own even though we all despise GS and FRB for what they’ve been doing. One thing for sure is this is not the time to leave the market in my opinion.
It seems we now know the reason for the manipulation at the close.
The SEC is banning short selling altogether, at least on a temporary basis.
Futures are up HUGE! I bet some with inside information were acting on that information.
I wish we knew who was behind the trades.
Is one house holding all those trades and then releasing one after another?
As far as GS is concerned, the Forbes article was right on the money.
I had written the CEO of Overstock.com months ago and urged him to take the bastards all the way to court which he is going to do.
But why was he ignored for so long?
Brandon–
While it’s a noble cause to complain to the SEC I think that going directly to Siri with the complaint in droves will make them land on Mel’s desk who then will have shareholder ammunition backup to petition the SEC himself.
Just my take on what will likely be the most effective tack. Strength in numbers may in this case be better reinforced when pinpoint magnified through Mel’s lens onto the SEC’s behind. If there’s somehow an effective way to do it having these complaints coincidently sent to both Mel’s office and the SEC head’s would be something I would gladly be encouraged to participate in knowing that my voice wouldn’t get lost within another bureaucrats pile.
SN
Hey Brandon,
If the rumor turns out to be true, and they ban ALL shorting, not just the naked kind….and WHAT IF…during this temporary ban of ALL shorting….Mel announces a better than favorable refinancing deal….SHOULDN’T Sirius just EXPLODE back up to pre merger levels at least?
I mean WHAT would stop it getting back to $4 at least under such circumstances?
I was extremely frustrated when the stock could not hold above a $1 even after hitting 1.05 at one point, that I sold with less than a minute left and it was for several thousand shares @ .95. Now my trade may have been packaged in to one of those larger ones listed in this article.
Probably a short-term mistake and I’d like to put a bid in at .94 or less in a.m. Interested to see if it will come back for me and trade down in opening minutes – seems like it has been the pattern for days ?
its at .99 after hours….so maybe it’ll go over $1 early tomorrow and stay above.
i was going to sell some shares too….but decided to hold. too much is happening with this banning of all short rumors that i figured it was worth the gamble. now i am glad i did.
guess i’ll find out for sure 2 morrow
I kept my shares in my margin account, which is 3/4 of what I had. It’s my IRA account that I sold – the dam thing dropped like a rock in a few seconds to .89, so I thought “Here we go again” dow to .70’s.
I’m so friggin pissed and beaten down. I mean to see this stock not able to hold over $ 1.00 when the market roared so feverishly higher with so much $ being made elsewhere is so depressing.
And then even selling for a swing trade is dangerous because you could lose it on a short squeeze, especially on a press release of financing.
Why would anyone sell sirius for $1. I thought you all had a little more sense here. Stupid.
When you really think about it, Sirius DID “roar” with the rest of the market. It shot up from .68 cents to over a buck in just a day.
That is over 30%. Not exactly chicken feed.
It may have dipped back below a buck before the close….but AH it’s back up to ,99 cents again.
Not sayin I know whats going to happen…but at least the spikes up are a nice change…and perhaps….PERHAPS a sign of things to come.
Should be interesting to see what the FED is going to do tomorrow.
The 8 mill on closing is the Black Box trading were buy /sell orders are pre set and will go off when conditions are met.. if the big boys want to manipulate the will attack on after hr and friday afternoons when volume is low and slow.. peace and go siri!!!!
It’s funny how the futures are up HUGE….and the stocks look ready to RUN pre market….
and of COURSE the STREET DOT COM has a NEGATIVELY titled Sirius article ready in the wings.
BASTARDS never give up do they?
On Wall Street, where panic, fear and uncertainty rule, and where EVERY word is pounced on….WOULDN’T NOW be a GOOD time for Mel to make ammends for his “flippant” remarks at last weeks conference?
I mean while the market is getting this HUGE shot of adrenaline because of the naked shorting/shorting ban?
Even if he doesn’t have financing yet, he COULD come out now and inject some much needed confidence in SIrius by POINTING out how the PROOF that the naked shorts were largely responsible for the unfair beating the stock took and that the new RULING created a more positive environment for refinancing the debt under favorable conditions.
JUST SAYING THIS….would shift the focus on the comments everyone pounced on Mel for saying last week….to the MORE POSITIVE outlook and truth of what happened.
Not saying it’s the magic pill….BUT the market is VERY political….so why not ride this wave of GOOD feelings.
I think a positive word from Mel now, LINKING SiriusXM to this wave….WOULD ONLY HELP the stock.
Just my humble opinion.
Check this out.
http://www.thestreet.com/story.....-debt.html
Yeah….I already posted about that article above. A last desperate attempt? Or signs that the bashers who can’t short financials for 10 days plan to focus all their negative energy on Sirius?
How GREAT would it be if Mel came out with POSITIVE refinancing news in the next 10 days. It’d be PERFECT timing to crush the shorts and rise above a buck once and for all.
Agreed
Doubt I’ll get Sirius today under 1.00, but I’ll leave my bid in – luckily I still had 3/4 of my shares.
Just another screwup to add to the list in the last few yeras.
Don’t beat yourself up. This stock has been the MOST manipulated stock these last few years that I’ve EVER seen. Add into that mix the INSANE merger delay. To blame yourself is not only pointless…but counter productive.
So you sold some shares. Big whoop. You’ve still got 3/4 of your position still in. If you THINK that Sirius WILL eventually reach back to pre merger levels of $4 and higher….even if you buy more now you’ll make out HUGE. But just holding the shares you still got will pay off too. So relax and enjoy the ride back up.
Lots of bumps and a long way to go still…but this could be the beginning into the green.
Well, looks like the manipulation of this stock continues.
It was a MASSIVE sell off at the open more than anything. I KNEW that would happen. WHEN was the last time we GOT A FRIGGIN POP with this stock?
People who bought in below a buck took the opportunity to make some money. I knew this would happen.
Wait for the dust to settle. THen we’ll see how many new buyers come in.
THAT is why I think NOW would be the BEST time for Mel to make some sort of announcement. To ride this positive wave and help change public sentiment about the stock.
At least I am hoping Mel can announce some news about the refinancing. I mean the perception now is that the credit market just got a HUGE boost and if Mel DOESN’T announce anything soon…then people will think THINGS WITH SIRIUS MUST BE BAD if they can’t get a good deal in these more positive times however long they last.
COme on Mel….GIVE US SOMETHING. 🙂
Corruption in financials has never been so obvious. It seems when things crumble as fast as we have been witness to, the white collar criminals in the driver’s seat can’t cover up the mess in time and we all now get to see what has been going on behind the scenes for so long. When times are good nobody questions the system..
GS and the boys smashing companies into an oblivion for years. Now the tables have turned and the SEC provides a blanket of cover. Am I just too Utopian to start thinking this is not the place I would want to invest my money? I believe sometimes that life could be better if we just hit reset on this entire industry and started from scratch with a mom and pop store on the corner. Forget the shorting and debt trading.. Just getting fat cats fatter on the backs of hard working people who actually produce things instead of crushing companies for a quick profit.
Anybody els’s brokerage online account stalled or down. Etrade does not appear to handle any transactions & can’t get through on the phones. They have my $ hostage – my hands are tied.
Etrade cost me $ this a.m. not being able to sell when I wanted when Sirius was 1.04 and missing buying at the bottom .95 because of their system being phucked up.
Do I have any recourse ? I’m sure not because I have no proof of what I wanted to do.
But this is a wakeup call on what you can and cannot do on days of overwhelming volume. Basically your screwed.
SXM,
I use Ameritrade and noticed similar issues this morning but remember you can place trades by phone as well using a PIN.. I did not try that but maybe the phone lines were busy too. Just remember for next time.. Well at least you couldn’t hurt us longs with your selling! J/K..
I have Ameritrade too and I wasn’t able to access my account this morning either. It also happened the Monday morning after Freddie/Fannie were taken over and I couldn’t access my account. It also happened Monday morning of this week when the market tanked 504 points. They obviously need to invest in capacity and planning to handle the overwhelming volume. I wanted to get in / out of positions and couldn’t even see what they were!
BTW: Someone needs to pull a Tyler Durden / Fight Club resolution on Goldman Sachs and all of their disaster recovery facilities. Where’s Osama Bin Laden when you need him? :o)
Thanks FCC – just because I wanted to sell this a.m. and try to do a swing trade does not mean I am not a long. I have bought a small house with my losses in the last 5 years after taking stock from 1.50 to 9 and back to this.
SXM,
Just trying to insert a little poor choice humor. By your user name and presence on site it is clear you are getting battered with the rest of us. Sorry if that came off the wrong way.
No problem ‘Thanks FCC’ – I’m a little edgy right now and you are absolutelt right with your sarcastic username.
Lookin at what is happenning in this world with credit markets and the economy, it makes what the FCC did to Sirius/XM and the investors look 10X worse than it did 2 months ago.
Imagine making these 2 co’s suffer waiting like this was a real priority in this world, worrying about 2 small co’s that charge for a service trying to get together to make $ or go under and they let it go 7 grueling months extra to put Mel and all of us in this horrible position sitting at a $1.
And that Rehr-end from the NAB is still bitching.