It has been a long day and I just got back my power. As it is I am posting via iPad today and have no access to the usual charts. Tomorrow will be back to normal. That being said, we are at an interesting dynamic with SiriusXM. We could see a move on the call, but unless it is on volume above 75 million, and carries follow through of more heavy volume, we could look at a pop, peak, and drop situation.
The key to watch for is when the volume begins to dry up. When this happens it will likely mean a peak. I see the baseline area now being at about $3.10 after any run. In other words, if there is not any more compelling news after the call, and if the call brings no real upside surprise, this equity will be likely to establish a new trading range.
Active traders may have some opportunity in the early hours, but then things should settle a bit. With analyst price targets already pretty lofty, it is hard to see upgrades coming out of the call. I can see where analysts will reiterate targets.
SiriusXM is in a strong position, but this will all take some time to grow into. This call will give the first hints at how accurate or conservative current guidance is. Pay close attention tomorrow.