The equity is not where we want to see it, but I suspect that many longs are happy that this equity moved up today on big volume even if the price is still scary low. SiriusXM is hovering in the low $3's and it will be an interesting couple of weeks. There is a lot resting on this quarterly call. It will set the tone for the next few months. The near term will have some volatility associated with it. SiriusXM is a longer term story this year, but we will have to endure pain to reap the benefits. It is simply how things work.
What we want to watch for is that this equity hold the line above $3.13. IOt is really that simple. If that does not hold, we could see (dare I say) a visit to the $2's surrounding the call. Unfortunately, this equity needs to prove itself again. When Liberty pulled out it did not instill confidence.
Support and Resistance
Exponential Moving Averages