We had a very no-nonsense day with SiriusXM. The equity stayed range bound and did not really offer up any hint as to when the next move will happen. Just like the pricing action, the volume stayed in a narrow range. We are not seeing weak volume, but not heavy volume either. We saw a few brushes up against 52 week highs, but nothing compelling that shows an immanent move up. Essentially it will happen without much advanced notice.
An active trader is faced with the decision of the upside potential vs. the potential downside may lean toward upside potential over the down side risk. As I have stated, this equity is sensitive to overall market conditions, so pay attention to the news.
Watch the volume. We are seeing it pick up and that is a good thing. What we want to see is volume higher than 50 million shares with the equity moving up. If this happens it is an indication that SIRI stock is desired on the street and that any compelling positive news could set the trigger.
I can not upload charts today for some reason. Please refer to yesterdays charts, as there are not many changes