Bullet Point – Good Volume
SiriusXM is trading up on good volume. This bodes well for the support level at about $2.75 as well as other technicals. Do not look for a bold move today unless some compelling news arises. Speaking of news…Bear in mind that any good news will serve to support the bullish stance we are seeing.
Spencer, got out a couple weeks ago when it looked like we might test the 2.50’s again. Sold at 2.66. Thinking of taking the hit and getting back in. What do you see in your crystal ball?
Tall…
My opinion….
The equity will range between current levels and the mid $2.80’s for a bit. There will be dips to test the 50 day average at about $2.70, but it will take big volume to break above about $2.82. This equity will be challenged to test $3 for a little while. The macro situation with the economy and fiscal cliff have $2.60 as a bleep on my radar screen. If I were to get in toady at $2.75 or so, I would assess the action at $2.80 to see if it has strength. I would also assess the action at $2.70 for the same. IMO this is consolidation and the next wave will be more related to the macro situation than SIRI
Thanks for the reply, I guess I’ll just sit on the sidelines and watch for a while.