SIRI Intraday Thread: Tuesday March 31st

[relmor2003]

Well all i know is that Rick Wagoner kept saying they didn't want to take the
bankruptcy route because even if they came out of it quickly he thought GM would be percieved as damaged goods and less people would be inclined to buy their product.

GOOD. I would love if their sales plummetted, and Ford and Toyotas skyrocketed. Great!!!!

[choirgirl]

bananaz, yes I was talking about his GM shares. As for Sirius, there is no offer at this moment, but there is a 2010 call with an asking price ot 5 cents.

Oops!

[lloyd Handwerker]

GOOD. I would love if their sales plummetted, and Ford and Toyotas skyrocketed. Great!!!!

We are in total agreement on that!

[Demian]

OK Choirgirl, I've never dabbled in options before so let me see if I understand this.

If I own 1,000 shares of SIRI, I can sell Jan 2011 $2.50/share covered calls @ .80/share (?) and pick up $2,800.00 but risk the shares being called if the share price goes over $2.50? Am I missing something because this sounds like a no-brainer? Even if share price tanks again I have an .80/share cushion.

1,000 shares of SIRI cost $330......where can I sell covered calls on them and get $2,800? I'm all over that deal.......

It's not per share, it's per contract........

[exilejeff]

GOOD. I would love if their sales plummetted, and Ford and Toyotas skyrocketed. Great!!!!

however, i am not so fond of that idea with my 3500 shares on the line haha..... >.<

[choirgirl]

exilejeff, deadline is april 17.
If the stock goes to 50 I am going to keep the shares as well as the 600 $. Then I will do it again. If it goes above 60 $, doesn't matter 61,62 or 70 , I have to sell at 60.

looks like i need to do more reading on options lol

but in layman's terms:
u bought 200 shares at $59 and sold them at $60 for april at $3 a piece.....so u bank money today.....but have to sell at $60 at a certain date regardless of the stock price?
what are the implications if.....
1. stock goes to say $50 by april
2. $70 by april

wait isn't april tomorrow? or is it a specific date? this may not make sense at all, and if it doesn't then i am just confused lol

[relmor2003]

however, i am not so fond of that idea with my 3500 shares on the line haha..... >.<

Your not alone. It appears to be the sentiment of todays holders. If your thinking that, then others are thinking that too. You almost have to trade right now that .32 cents is holding. Because if you sell here, you really pinched on chances to buy lower. There may be some, but it might be quick, or not at all. If you were worried about that scenario, better time to sell would have been Friday at .39. I wasnt, so I didnt. Appears being smart has hurt me again. I didnt think they would reject GM's proposal however. I was caught off guard by that. SiriusXM stock reaction to that news, with full manipulation still in effect, should not be surprising, I suppose. Since a TA breakout or breakdown was coming anyway, it was really a day(Monday) were traders(not investors) had to make a decision. It appears they decided to step aside for now, or already sold out. People selling here are reactors, not thinkers.
For example, if siriusxm stock was up today, would you be selling? Or course not. You might even buy. News being the same, GM proposal denied, etc... No, people are simply selling because its dropping, and assuming why.

[bananaz]

1,000 shares of SIRI cost $330......where can I sell covered calls on them and get $2,800? I'm all over that deal.......

It's not per share, it's per contract........

Yeah, it seemed too good to be true to me.....

[Demian]

Will someone please respond to this thread.........

http://siriusbuzz.com/forum/showthread.php?t=1740

[choirgirl]

I would like to say it again, it was GM not SIRI.

Yeah, it seemed too good to be true to me.....