Tuesday, June 9, 2009

SIRI Dead Money?

Okay, I admit it and I am ashamed. I own Sirius. I know, I know, WTH, right? Oh and no I didn't buy at sub ten cents either. I didn't buy when bankruptcy was almost destined. I didn't buy after Liberty stepped in and saved the day either. Actually it is much, much worse. I bought right after the merger with XM. Sirius XM stock is the reason I am a chartist, the reason I learned not to listen to and base my decision solely on anyone else's analysis, especially fundamental analysis (can anyone say Jim Cramer?). Now that wasn't a shot at Cramer, I find him entertaining sometimes. I'll take full responsibility for being a new investor that didn't know what I was doing at the time and shouldn't have been in the markets anyways. So if nothing else, Sirius has been a wonderful learning experience for me.

Does anyone remember what happened after the merger? Well, I can look at my statements and see something like an 80 percent loss on paper. At this point I figure there really is no point in taking this loss. If it went to zero, it can't hurt much more anyways. If I ever make break even, or better that would be great. So, will I ever break even? I don't know, but a look at the charts shows a likely move in some direction with a symmetric triangle formed. I honestly can't tell if it is up or down though. Either way, I'll hold onto it. Looking towards the downside, twenty-five cents looks to be the limit anyways, with obvious support dating back to March and proven by three bullish candles in a row at that time. Upside, sky's the limit, well no that's really not true. Actually resistance would be around fifty-five cents. So IF I have any chance of EVER breaking even, this is going to have to break to the upside. Either upside or down, it should break in the next couple of days. We'll wait and see. I'll try to follow up then, but honestly after the ride this thing has given me, I'm not an enthusiastic follower, at least not until this is no longer a penny stock(not counting the possibility of a reverse split).


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