Originally Posted by
Sirius Roadkill
Technical Review of SIRI
Charts of Sirius XM Radio are sliced and diced.
Friday December 18, 2009 12:39 PM PST
By James E Brumley
The broad market is on pace to end the week with a fizzle, and flat with Friday's close. A few select stocks, however, appear as if they're just now starting to build some trade-worthy momentum. Here's a more detailed look at Anadys Pharmaceuticals, Inc. (NASDAQ:ANDS), Sirius XM Radio Inc. (NASDAQ:SIRI), and AMCORE Financial, Inc. (NASDAQ:AMFI). All three are likely near-term movers, though only one of them bullishly.
I was a huge fan of Sirius XM Radio Inc. (NASDAQ:SIRI) as long as its key support line remained intact. Well, as of early December, support has been broken, and things have been getting gradually worse for SIRI ever since.
You can't quite tell it from our zoomed out chart of Sirius XM Radio (which shows the scope and importance of the support line), but this isn't a mere case of SIRI drifting sideways at an inopportune time. The stock is making lower lows, with today's multi-week low coming on higher volume... on a Friday, no less.
Regarding a target, Sirius XM Radio reminds me of the old adage 'the higher they fly, the farther they fall'. Following the 600% gain from Match's low to the peak, there's a truckload of potential profit-taking waiting in the wings for SIRI. At this point, I think Sirius XM Radio shares are at least due a pullback to the first Fibonacci retracement line at $0.50 (which has been support before... in October). There's another combo line at $0.33.
SRK's Note: Hello? Hello?? Earth to James . . . did you ever hear of Options Expiration Friday you Putz? . . . . Quadruple Witching Friday? . . . How 'bout the tax sale of options vested to Officers on 12/18? This guy is almost as dumb as Scott Moritz . . . hell, I look at that chart and see "OVERSOLD" . . . . maybe it's just me - LOL - what a maroone this guy is!