Sirius XM Radio broke through support at $1.07 yesterday, and today had a gap down at the open underneath what was another support level at $1.01. The action is certainly testing the mettle and psyche of investors. The company has spent most of the morning just above or just below $1.00. The latest action is happening on moderate volume. The downward pressure is not exclusive to Sirius XM Radio Equities and indexes across the board are in the red as concerns over the Euro and bad jobless numbers hit the news wires.

Support and Resstance Levels:

Resist. - $1.23 - weak
Resist. - $1.14 - weak
Resist. - $1.07 - strong
Suppt. - $1.01 - moderate
Suppt. - $0.98 - weak
Suppt. - $0.92 - weak
Suppt. - $0.89 - weak
Suppt. - $0.84 - strong

As you can see, Sirius XM currently sits just below moderate resistance at $1.01 and well above strong support at $0.84. Some expect this type of volatility surrounding options expiration which happens tomorrow. The key date in most peoples minds is May 28th when the Russel Index takes their snapshot of the equity. If Sirius XM is above $1.00 it can join the club. If it is below $1.00 it wont.

Position - Long Sirius XM Radio