Sirius XM Radio closed at $1.01 today, taking out a key resistance point, and turning more positive on Exponential Moving Averages (EMA's). As we noted yesterday there was potential for a reversal of the downward pressure the equity has seen over the past week, and indeed that reversal had come to fruition.
With official news on the Russell Indexes announced tomorrow, investors could see further improvement on the moving averages over the next few trading sessions.
Currently the 5 day moving average sits at $0.98, the 13 day at $0.99, the 20 day at $1.01, and the 50 day at $1.01. As you can see, today's action brought the moving averages very close together, setting up for an interesting run on the heels of the Russell news.
Position - Long Sirius XM Radio