I have spent the better part of the evening trying to log into the site from my home PC only to see time and time again that I can not log in. We are working on the issue. This article, unfortunately, will not have the charts because it is being penned on my iPad. The good news is that you can essentially refer to the charts from yesterday to see the technical story today.
SiriusXM closed at $3.90, holding the line that I mentioned yesterday. The equity was down on lower than average volume. What we want to watch for is the line above $3.87 or so to hold going into the Q3 call that is now just over a week away. I anticipate that SiriusXM will have a great call. I also anticipate that subsequent to a call there will be a couple of reasons to see a run. One reason is a good quarter. Another is the sale of shares by Liberty with the price being set a couple of weeks after the call.
The EMA's are converging. That means that we are seeing a convergence. When a convergence happens, we typically see power to one side or another. It is my belief that there is little to the downside, and good reason to see a run. Watch options Friday closely. If there is anything that could challenge the support it would be the options. That being said, I do not for see a big dip and place the odds overwhelmingly assist that type of damage. It is possible to see options Friday cause a small dip, and I would call that a buying opportunity. Stay tuned.