It was not to long ago that SiriusXM investors were looking for the $3.00 mark to become reality. I myself saw that level and more happening if SiriusXM were to release 2013 guidance and get a share buyback underway. Alas, the Q3 conference call came and went and we did not get that compelling news which would have continued the run (at least for a short time). I have recommended to SiriusBuzz Premium members that they should get visions of $3.00 out of their minds and instead look at the $2.50 level. This does not mean that the wheels have fallen off of SiriusXM… it is simply the way the market works. Read on to learn my thoughts about $2.50 and a bit about SiriusBuzz Premium.
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That being said, is SiriusXM looking to test $2.50? SiriusBuzz Premium got the details and charts after the close today, but I will share this for the regular and faithful readers. This equity closed at the 50 day moving average and while volume was lighter than yesterday, it is not light enough to call the bottom yet. If SiriusXM breaks $2.67 in the morning my gut tells me that this will test $2.60 in a hurry. Remember, there is a gap at $2.58 as well. In the short term I am bearish on the equity. In the longer term I remain bullish. Moves down to lower moving averages can actually be healthy for a stock. Why not make them profitable as well by checking out our technical analysis today?