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SIRI (Sirius XM) Trade Idea

SIRI (Sirius XM Holdings) will be added as an official short trade here on this break below the minor (yellow) uptrend line with the next objective alternative entry or add-on to come on a break below the bearish rising wedge pattern (white trendline) on this 60-minute chart.

SIRI 60-min March 13th

SIRI 60-min March 13th

Member @getlucky had inquired about the outlook for SIRI in the trading room yesterday. As I believe that a decent case for a reversal & correction in the stock can be made I  had posted my thoughts, along with the daily chart below, on the front page yesterday. This chart highlights the pattern of extreme overbought readings & subsequent corrections in recent years, further adding to the case for a multi-week to multi-month swing short trade on the stock.

SIRI daily March 12th

SIRI daily March 12th

The price targets for this trade, listed on the 60-minute chart at the top of the page, are T1 at 6.26, T2 at 6.10, T3 at 5.94 & T4 at 5.78. For those new to RSOTC, the reason that multiple targets are listed for most trades can be found under the Trading Related Questions  subcategory on the FAQ page The maximum suggested stop for those targeting T4 is any move above 6.82 (lower, if only targeting T1 - T3) and the suggested beta-adjusted position size for this trade is 0.80.

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2018-03-13T13:20:26+00:00Mar 13, 2018 1:20pm|Categories: Completed Trades - Short|Tags: |4 Comments

4 Comments

  1. jegersmart March 13, 2018 1:27 pm at 1:27 pm

    I don’t seem to be able to borrow any shares at this point – but good luck!

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    • rsotc March 13, 2018 2:44 pm at 2:44 pm

      Thx. Interactive Brokers is indicating they have at least 2.58M shares of SIRI available for shorting right now. If I recall correctly, you’re on the other side of the pond. Not sure if IB offers the same inventory of shares available to short to customers with accounts outside the US or not but if you plan to take full advantage of the next bear market by shorting individual stocks in addition to ETF or futures, you might want to look into a broker that tends to have a decent inventory or access of shortable shares. In the US, IB has consistently had the best availability of HTB (hard-to-borrow) shares since I’ve used them as for my primary trading account for over a decade now.

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  2. morrienelson March 17, 2018 4:47 pm at 4:47 pm

    I am guessing that yesterday’s last 15 min. ramp to 6.48 was OPEX related

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