The Sirius XM Annual Meeting is today. Yesterday investors were stunned by the MSCI Barra reconstitution, and tomorrow is the day that the Russell index takes its snapshot of Sirius XM at the close. The key price point for the Russell re-balance is $1.00. Perhaps the more important number investors should have in mind is $1.02.
From a technical standpoint Sirius XM has been performing bearishly for most of last week and this week. Key support and resistance levels have been established. At this point the strongest resistance level is at $1.02. If Sirius XM can break through this price point and hold it today, it could be a bullish sign that will allow investors in SIRI to sleep a little easier tonight. Tomorrow will still have people on the edge of their seats, but confidence in the possibility of qualifying for the Russell Index would certainly be bolstered if the company not only closes above $1.00 today, but takes out that key resistance level as well.
Current Support and Resistance
Resist. ---------$1.25 very weak
Resist. ---------$1.23 very weak
Resist. ---------$1.14 weak
Resist. ---------$1.11 weak
Resist. ---------$1.02 very strong
Suppt./Resist. - $0.98 weak
Suppt. ---------$0.92 moderately weak
Suppt. ---------$0.89 weak
Suppt. ---------$0.84 very strong
Position - Long Sirius XM Radio