SiriusXM has hit new highs and it could not have come at a better time. I like the volume it happened on, and I like the timing of the move. Essentially we have people speculating on the earnings call. I am expecting the EPS to beat the street and some decent headlines. One key element that happened Friday was after the market closed. SiriusXM announced a tender offer to take care of about $550 million in 7% bonds. There are 320 million shares tied to this offer.
I am mobile, so data charts will be available with the next report. The volume was what we wanted to see with this move. Resistance is at $3.25, and all EMA's are green. We want to watch the action Monday to ensure the uptrend remains in tact. If the equity wants to move up and hold, it needs to happen on at least 85 million shares. The key level to hold to the downside is $3.20 and then $3.15. If SIRI holds $3.20 then $3.30 could be the pop in the cards. If it needs to start from $3.15, then a pop to $3.30 will be harder, and perhaps shorter lived.