Sirius XM has been one of the most oft discussed equities on the exchanges for many years. Longs and shorts alike seem to love this company, or at least the action that the equity provides. True to form, Sirius XM has made this week very interesting and compelling. With only three days until the annual meeting and 4 days until the Russell index Re-balance snapshot, the equity sits at the magic $1.00 price point.

The annual meeting at this point is primarily baked into the price. The company could offer some additional flavor, but with the Q1 call only a few weeks ago, and the recent release of upgraded guidance last week, what is left for the company to put onto the table? Unless there is blockbuster news, this years annual meeting will offer very little additional insight.

The focus now is on the Russel Index re-balance snapshot. If Sirius XM closes above $1.00 on May 28, 2010, then they qualify to be added to the Russel Indexes when they re-balance on June 25th. Inclusion means that the index funds, as well as clone funds will have to jump into Sirius XM. Such an event could give the share price a healthy boost. The question is whether Sirius XM can maintain that all important $1.00 or better price position.

One saving grace seems to rest with the auto sales data. The final numbers are not in, but the latest reports from mosta analysts indicate that new car sales are continuing on a decent pace. If that news gains further confirmation this week it could be just the thing needed to boost the price and by extension possibly gain Russell inclusion.

On Saturday SiriusBuzz warned about a bearish short term outlook, and that same outlook exists today. One positive is that the trading action today happened on anemic volume. This would seem to indicate relative strength at current levels and a lack of conviction in the sell-off. The tug-of-war seems to continue.

Investors making a play on the Russell snapshot have to check their nerves at the door, and saddle up for what will certainly be a few interesting days of trading. Watch to see any blockbuster news from Sirius XM, watch for any auto data or projections, and watch the clock as the amount of time before the 28th of May is getting shorter.

Position - Long Sirius XM Radio