yes i did but i also noted the flat trading yesterday and the range today prior to the gm bit. if anything positive was mentioned yesterday it could have contributed to some degree of support now..
as the gm info was pretty much expected.
i suspect it trades lower near term then moving higher imho.
hope you got some dry powder, as the mms will now try to get some more cheap
Any rational or logical explanation of why after the GM halt, we broke .34 will go on deaf ears here. Timing is everything. MM's stole those shares, 100 percent stole them, as they knew those stop losses would probably disappear when people got home tonight after hearing the good GM news. MM's took them out. Plain and simple. No coincidence. Why people put stop losses on this stock is beyond me,especially only pennies off where its trading.
I agree, and we were set up for this on BAD GM news. Not good GM news. Why Im a bit frustrated with the MM's today. Yes, the lack of buying interest was worriesome. Never good to test support time and time again, as it allows incoming bad news time to hit home(but since it wasnt going to happen they decided to have the takedown anyway, just not as low as they liked). Now they will try to hold .34 as a ceiling as long as they can.Originally Posted by tim wallick
I guess that is not necessarily good news for traders, but it is good (yet frustrating at the same time) news for guys like me trying to buy all the shares he can on the cheap.
Throw logic and reason out. Not how short term trading works.
GM's up today, on news there shares are worthless. SiriusXM is down today, on news the GM BK will go more swiftly, and efficiently than feared. Go figure. NO need to explain it to me, I know why GM is up today, and SiriuXM down. But some traders might not understand you dont use logic to determine price direction.
GM is up today because of massive selling being absorbed by short covering. The MM's will help this process for their large holders, by propping the price up as long as they can. SIriusXM is down today, because the MM's saw stop losses and knew their time window for taking them out was shutting. Logic here, yes, but to the untrained eye, it can be confusing. So to always talk about stock prices using logic and common sense will only make one hit their head against the wall.
Last edited by relmor2003; 05-28-2009 at 11:35 AM.
guess we see where it completes the day and that would be a good indication for tomorrow for you day traders
i still suspect it gets taking lower going into summer...
Relmor i know you know this but it is for othersw here.
Here is the game being played if you don't know:Most companies have 60-80% institutional owners of their stock(mutual funds hedge funds etc)if it is a viable company,which SXM now is.
So as of 3-31-09 the percentage dropped from 55% to 39% right now as we currently have info on that.Now since then the Big money has been slowly buying back in smartly as when the new MaFFais report on Q ended 6-30-09 comes out in late july or early august will probably show..MHO
With 3.9 billion shares outstanding now that means that bigs had roughly 1.6 bil shares and little investors or Retail investors just like us had 2.3 billion shares..That is way too many small owners for this stock to go up appreciably in the short term,so the MM's are shaking loose as many shares as they can Smartly for their big clients to get in cheaply.
Just go to Satwaves.com and look at how some have core positions and swing positions and day or weekly or pop's and dip's traders ,now multiply that by 2.3 billion and that is the problem..they provide shares to the MM's to gather slowly,painstakingly slow,as us longs havwe to remain diligent and when the Inst. have their shares this stock will soar and Profitable Q's in a row by SXM will speed up the process...JMHO
Nice post. Very well written. I agree. Institutions looks like they may have added only as bottom feeders, were never long term investors, and dumped on the high. Other institutions looking more long term HAD added, like Vanguard, and many other large holders. Definately need over 50 percent not to move Irish, were a disagree very slightly, but to HOLD gains. We will still get nice upswings, but unless institutions are buying and not selling on those, we will never hold decent gains. Im hoping as time goes on though, the retraces take us a bit higher of the lows, etc....
I see this as the Roman Empire right now. The MM's are Casear, and they are trying their last attempts to mainatain 100 percent control, and to keep it as low as possible. Short term, we can go lower, definately we can. Medium term, and long term, this action is actually good. Sets a nice base, adds more institutional ownership at low levels, and gives the MM's a chance to unload some more shorts.
But as you know your history, the Roman Empire fell eventually. And right before their fall, is when they are at their nastiest. Bottom line, SiriusXM has done wonders to their balance sheet. Managed to avoid BK, where many debt ridden companies could not. Added a partner that wishes to grow value(past experience of Malone says this) and now knows they can survive at least without full auto sales.
Last edited by relmor2003; 05-28-2009 at 11:58 AM.
we're still number 1!
but notice that Direct TV is gaining on us . . . arbitrage??
http://www.reuters.com/article/marke...26971020090527
Last edited by Sirius Roadkill; 05-28-2009 at 12:19 PM.
oops, wrong direction...its ok i had good luck at work today for the bday...sorry everyone, maybe next bday.thanks everyone.
Mertz, today is the breakout...keep an eye on it...
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