Well, it was an interesting day to be invested in SIRI. The equity seems to have bounced off of the 50 day average and moved to the trading range I spoke of earlier in the week. Is there strength in that? Weakness? It is tough to tell. Volume was slightly above average but only modestly less than yesterday. In essence there was about equal strength in the move down to the 50 day as there was in the bounce back up. I will do a regular technical report over the weekend, as right now I have to wait in line to get gas and that is not an easy task in Manhattan these days.
The quick note is that the moving averages remain tight but we avoided a third danger flag. Volume is a wild card as it seems to point to consolidation. As I thought, there was not enough volume to get much past $2.75.
Look for a technical update sometime over the weekend.