Printable View
$1.46 at the closing bell for Friday August 1st. I’m in for the long hall, so-to-speak as I see my investment with SIRI hemorrhage. $50K to $21,900 has me keeping my sanity by ignoring what I see and that is a complete erosion of this investment.
So now I wait for the financial structure to be repaired for the new company and that is the sole question and answer to this bloodletting.
“WHEN” will it STOP?
I am extremely long, but this week has been unnerving to say the least. Down 37% the week of approval. Painful.
I'm hoping the bloodletting will end Thursday. Debt or no debt, it makes no sense whatsoever that this stock is trading under $1.50.
Big Investment Houses intend to shake out every last retail holder by shorting the shares Mel loaned, gifted, or sold to them at $1.50 per share! If this doesn't make a significant turn by Thursday's reporting day, Mel is going to have egg on his face. Too bad the report is on a Thursday. That allows only one day- Friday - for a rebound - the worst day of the week. Volume has been freakishly high. Hopefully the bleeding has stopped. I'm down about 10K on SIRI and XM. Like you, I have lots of cheap shares now though! I'll buy you a beer.
I will give you an answer (IMO) it will end monday or tuesday morning. That is the end time, 5 days from the time all the XMSR shares were converted and all the margin/house calls were started. I believe it was the same thing I said about SIRI on Tue., June 24th (places like E*trade give from 2 days to 5 days to cover or they will sell the position) that the SIRI down turn would end on June 27th Thur. morning, and then stabilize and start to go up. I did not think it would happen as fast as it did, back then I figured 2 days at least to get to 2 to 2.1 I did not think 2 hours. That is one of the big reasons for the downward pressure and why you have so many that are pissed at Mel and SIRI XM. I believe most of the shares SIRI loaned are done trading. So when this last big piece of downward pressure is gone, we should once again start to stablize and then start to come back. As long as if the general market cooperates a little. So Monday one more down day, then Tueday stabilize, then Wed. it starts to come back up. That is what I think anyway.
All this bleeding is turning me into a vampire. If it goes any lower I am going to buy more. Until there is a firm date for when Stern and NFL will be available to XM subscribers the shorts may keep taking this down.
But I like that the price goes down. This shakes the tree and those with weak stomachs get out. This makes the base of long holders stronger and stronger.
If you believe in this company, set a small buy limit order for .99 and then you are covered either way. If it goes down be happy. If it goes up be happier. The more shares you get now, the more money you will have later.
The company will be profitable! Until they can prove that it will happen or that it has happened, the shorts and NAB media will keep their feet on SIRI's neck. Once they do turn a profit, watch them scatter like rats. Even if you hate Stern, watch Private Parts. It is a loose analogy to what is going on with this stock.
Many say this is a speculative stock now. A year from now people will realize that it was an incredible value/growth stock.
Just my opinion.