In my opinion SiriusXM tumbled today on the Apple news. While many may look to iRadio as the culprit, the bigger thing to watch is the iOS deals Apple is working on to get INTO the dashboard. That's right, the Apple iOS may be in cars as early as the 2014 model year. Manufacturers already include Honda, Mercedes Benz, Nissan, Ferrari, Chevy, Infiniti, Kia, Hyundai, Volvo, Jaguar, and Acura. With players like that already on board there will certainly be more to follow. Suddenly iRadio is not about streaming music via your phone into a connected car. Instead it is about an overall experience.
The good news today is that the downward pressure today was on lower than average volume. The bad news is that SiriusXM's dashboard dominance may have a more limited shelf life than many anticipate. I am not saying that 2014 and the emergence of Apple in the dashboard is the end of SiriusXM, but it does have the possibility of limiting upside.
From a technical standpoint the story remains essentially the same as yesterday. The primary exception is the EMA chart. We saw two new caution flags emerge. The downside risk is $3.34.
Support and Resistance
Exponential Moving Averages