SIRI Intraday Thread: Wednesday March 25th

New home sales are up because homes are selling at 60% discount. The people who have cash and credit are picking off homes. The vultures are picking though the bones. Real people who want a home need 20% down plus closing cost and a 725 Beacon score. This is a huge barrier for most Americans, especially those who are losing jobs.

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Originally Posted by Big Ben

New home sales are up because homes are selling at 60% discount. The people who have cash and credit are picking off homes. The vultures are picking though the bones. Real people who want a home need 20% down plus closing cost and a 725 Beacon score. This is a huge barrier for most Americans, especially those who are losing jobs.

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Ben - thanks for the input.... don't remember seeing you around here for a while....

I'm in agreement with you on most homes selling at a discount... in my area - it's more like 25%-30% discount though... and most analysts here are predicting that loss will vanish in a year or so....

The 20% down does definitely still stand as a wall... the important thing... is that people are finally adjusting to these new lows in a way they can take some of the empty homes off the street..... and the inventory has been dropping here where I live.. of course it depends on where you are ...

I stand by what I was saying earlier... I think we're going to either come close to or bust through .40 today..... probably later today....

Lowest I see us heading is down around .32 near where I picked up my last block....

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Originally Posted by Big Ben

take profits....your a greedy pig if you don't. Pigs get slaughtered for a reason. Its not prudent to leave 50% gain on the table hoping for a 60% gain. Remember what we are trading, siri stock, not siri the company. I love the company and feel long term we are heading in the right direction. If I jump off the ride at .4 and miss the run up to .5, what have I really missed, nothing. I can take a position and ride it up to .6. The idea that this company will run up with no take downs is a pipe dream.

Don't forget we got smoked on the merger, we almost got smoked on the financing, and we gave away 40% of the company to stay alive.

I am a realist and I like cash in hand not the prospect of future profits.

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Great Post!

more I look at the chart - I don't think we're going below .36 today - but thats just my opinion.......

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Originally Posted by Big Ben

take profits....your a greedy pig if you don't. Pigs get slaughtered for a reason. Its not prudent to leave 50% gain on the table hoping for a 60% gain. Remember what we are trading, siri stock, not siri the company. I love the company and feel long term we are heading in the right direction. If I jump off the ride at .4 and miss the run up to .5, what have I really missed, nothing. I can take a position and ride it up to .6. The idea that this company will run up with no take downs is a pipe dream.

Don't forget we got smoked on the merger, we almost got smoked on the financing, and we gave away 40% of the company to stay alive.

I am a realist and I like cash in hand not the prospect of future profits.

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Well said Ben..

To all newer traders....
TWO SIMPLE RULES...
1) It's Never Wrong to Take Profits!
2) Keep Losses to an Absolute Minimum!
So that you 'live to trade another day'.

HI BEN...

my breakeven is .39 for 40,000 shares...very tempting to dump all at .40 then buy back in lows of 30-32...could wind up with 50.000 shares. what do you think?

any sense when the 1st q conf call will be? And what do you think is the play leading up to and right before that? Again I'm mostly long but now have a small (more enjoyable) lot to play with and am curious how to play it if at all... thanks

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Originally Posted by SiriusHope

HI BEN...

my breakeven is .39 for 40,000 shares...very tempting to dump all at .40 then buy back in lows of 30-32...could wind up with 50.000 shares. what do you think?

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That was my thinking yesterday when i sold. I took my profit and when or if it goes back down, i will reinvest and add more shares than before.

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Originally Posted by Big Ben

This economy is in rough shape. If you have profits, take them. The MSM wants you to believe things have changed. Nothing has changed! Housing will take two years or more to recover. The stock market will test its lows again. The media is reaching for anything positive. Nothing has changed except market psychology. I sold 10k of siri today .38 leaving me with a 3/5 position, and if we break through .4 today sell 10k more. We will get slammed again and be able to buy in at the .29 range.

I run a Mortgage Servicing company and my business is slammed. Grass cut season starts in April and my boss told me get ready! I cover about 10 counties in SC along the coast and the amount of inventory (condos=12k, single family homes) is staggering. It was only a few months ago we were talking depression, now its all better! Don't believe the hype.

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Very good informational post, I agree. Market rally fads into 8000, reverse to 6400 likely. If we take out 8000, it better be soon, and with authority. Two counts on the table. Sorry folks, your not going to like this. Were up to 10000 or so, then down to sub 6400, or we go there now. Either way we go there. Why? Because nothing changed. Correct!!! Only inflationary headwinds getting stronger every time they try to reinflate. Gold will make new highs this month or in April.

Alot of traders got burnt in the .38 - .43 range on that ridiculous drop over a week ago. I believe time will show that .38 will be the downside resistence once we pop over .50 cents. It's likely a big mistake to sell here and lose the upside coming.

I wouldn't fight Mel's cost cutting and the fact that they are finally going into the 2nd quarter, where all the bullshit is behind them.

Week hands selling here and I will not be part of it.