Last week, I alerted readers to what I termed a trading anomaly in shares of Sirius XM Radio. Not only has the anomaly confirmed, the charts have become even more unclear than before, leaving this technician baffled. The anomoly referred to what should have been a major sell signal in SIRI shares last December, yet resulted in Sirius XM shares soaring from .56 to $1.18 in just two months earlier this year.
Despite massive media coverage highlighting the potential of Howard Stern’s possible exit from Satellite Radio (LMAO), increased job losses in the private sector and slowing auto sales, Sirius XM shares have risen from a .95 low, to a high of $1.03 thus far today, representing a better than 8% gain for the month. ...
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