Market Talk with Piranha is currently moving to its new home at chrisperruna.com. The new site is up and running but many of the posts need editing as the images and stock charts did not transfer successfully (thanks blogger). I will post all new entries to both blogs – Thank you for your patience while I make this change!

Tuesday, November 23, 2004

Sirius Satellite Radio Inc (SIRI)

...Two good friends of mine recently purchased SIRI and are loving every minute of it. They asked me to check the technicals, so I did, and I said the stock would pop to $6-$8 (no lie) in the short term, I should have posted the case study on this blog in real time for interested parties.

I did not buy the stock for 2 reasons:
1. I don't buy companies that don't show a profit.
2. I currently have established positions in other stocks.

This does not mean that the stock (SIRI) can't continue its climb. It's a great spec play in my opinion. XM went to $30 last year and SIRI is on its way to 1 million subscribers.

Personally, I must stick to rules and what works for me and what has always worked for me in the past, no matter how tempting the stock looks (with all that volume). When I have broken rules, I have lost money and kicked myself. Every trader I have ever studied has said the same thing. It's tough to sit here and listen to my one friend gloat every morning as I watch him make a lot of money after I told him I saw it going up from the $3.80 range to $6-$8.

Rules are rules for a reason. Not every stock is for every person. Enjoy to those of you that have bought SIRI - it's been an excellent run so far.

p.s. - You won't see SIRI on our weekly screens because of the fundamentals; otherwise it would have made it.

In the future, I will use this blog to discuss stocks in the spotlight that might not make other parts of the website for one reason or another.

Piranha

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