Sirius XM Stock Among Those Heavily Shorted
The short positions for equities in NASDAQ have been published and once again, Sirius XM Radio is near the top of the list. From September 15th to October 15th, short interest increased roughly 33,000,000 shares and now stands at about 232,000,000. This places Sirius XM shy of only Level 3 in terms of overall short interest.
Sirius XM, which has a shareholder meeting in late December, and which has no yet announced a date for Q3 earnings has been a target for shorting for quite some time. Despite what appears to be heavy shorting, institutional ownership stands at 54% according to NASDAQ.
On Friday Sirius XM stock saw a mini rally, and appeared to have bounced off of the .25 cent mark. To technical traders this could represent a buy signal if certain criteria are met, but the behavior of the markets lately makes it very hard to determine if a bottom has happened.
Position – Long SIRI, No Position Level 3
Tyler…
what are the certain criteria are met are you referring to?
in candlestick charting the chart shows a white candlestick. This is not a high quality reversal, but could mean one will happen. A technical trader will wait to see a confirmation of the reversal.
thanks tyler
with most stocks falling…maybe shorts will abandon siri and move to those others?
there is much more to short in them than from siri now…fingers crossed.
A technical point is we need to break above .40$ and hold with a high volume day!! to be a reversal then we need to get over the .50$ level to get people excited
Thanks Tyler. Good info.
SiriusHope, a confirmed breakout from a recognizable pattern is what technical analysts or “quants” look for. As an amateur trader I chart stock prices over time. What I look for are patterns that strech back several months on a stock chart. I am no expert, but I learned charting from some of the best including Terry Bedford in John Markman’s “swing trading” book, and, especially, Thomas N. Bulkowski in his “Getting Started in Chart Patterns.” If you’re interested but have no experience then get and read “Stikky Stock Charts” published by Laurence Holt Books, because you can do so in a few days and then jump right in with the rest of us. Be warned, though, that tech analysis alone can make your head spin because of conflicting “upper” and “lower” indicators. My best advise is start with learning to draw trendlines on charts. Drawn one for on SIRI over the last 3 years, 1 year, year to date, and 90 days and it will put the fear of falling in you. I would go on but this is a blog, so go do some homework on charting and good luck.
Steeler ..thanks for you input
PM
Thanks for your input and advice
see mel interveiw with Detroit news men Autoline.com Good info about future
Sorry the link is autolinedetroit.tv serch -starman
Hey PM – We are due for a short term cycle up if we can get through this week without much turmoil. What’s your opinion? The technical bounce if can get one would amount to a swing up to the $.45 range. Just food for thought. Not a recommendation. I’m still waiting for a confirmation of the bottom. Even if I miss it by $.20 or so. JMHO
These technical indicators are meaningless; if Sirius gets the financing done, the stock will have a dramatic bounce back to who knows what number. This is the major issue. The other issue may be the quarter’s earnings call. If the sub numbers and earnings number show progress it will add to any announcement about the financing. All the other stuff, really, in the end, is baloney. Who cares?
Private Investor – I completely agree that the fundamentals will drive this thing longer term. No doubt about it. My strategy at this point is to trade the swings with 10-20k shares in order to recoup my losses. Every $.10 on 10k shares is a grand. If you want to discount technical indicators that’s your choice. I’m not trying to push my ideas on anyone else. If you are hold and hoper like most, good luck.