This is a quick hits update to look at the breakout in process for I Am Gold (IAG) and to analyze Sirius XM Holdings (SIRI) recent volatility. Let’s jump to the IAG & SIRI charts!

I Am Gold (IAG)

I Am Gold (IAG) is in the process of its breakout. IAG’s breakout will be confirmed at the end of the month if its share price can close above the $5.89 price level. This 2 year weekly candlestick chart shows a close above the $5.89 resistance area is very likely by months end.

Until IAG reaches at least the 100% Target Line from the black Fibonacci Extension Tool, continue to buy the dips and sell the rips. The $7.87 area may be a temporary trading target as higher prices may be in store for IAG. That would be the 161.8% Target Line which is out of the chart’s view. However, the 161.8% Target Line is the uptrend’s Golden Ratio now that IAG’s breakout seems to be confirmed. The target price for the 161.8% Target Line, or the uptrend’s Golden Ratio, is $10.79.

Shorter-term, the 161.8% Target Line from the blue Fibonacci Extension Tool shows a price objective of $6.71, which could offer a trading opportunity to trim some shares. You would look to repurchase any sold shares on its next pullback after your sale. Be certain to always hold a core position on a breakout. Never be all out of a stock when trading it during a new uptrend.

Sirius XM Holdings (SIRI)

This is a 1 year daily candlestick chart for Sirius XM Holdings (SIRI). For some of the newer members, let me explain the chart. It has been a while since I’ve showed one of these charts. This is a short interest chart. I think it is important to start watching the number of shares sold short in stocks you own as the market rally continues.

The number of shares sold short for Sirius XM Holdings (SIRI) are identified for each reporting period.

Green = Decreasing short interest compared to the previous total

Red = Increasing short interest compared to the previous total

Based on the last short interest report total available, there were 255,422,520 shares sold short as of August 15, 2017.

While I was browsing around NASDAQ.com looking for the total shares outstanding for SIRI, I noticed something on its balance sheet that didn’t look good at first glance from an accounting perspective. The liabilities (what SIRI owes) was more than its assets (what it owns), leaving a negative owners equity. Typically owing more than you own is not a good thing. Maybe this needs to be looked at more than the glance I paid it.

I never did find the total shares outstanding yet. Think or Swim doesn’t have it. I wanted to calculate what percentage of the total outstanding shares are sold short. If you are a SIRI stock holder, that is your homework. After the total shares outstanding are obtained, the short interest as a percentage of the total shares can be calculated. The number of shares sold short seems pretty high. Before updating the short interest totals for tonight’s chart, the last short interest amount I had recorded for SIRI was back in February 2016. That short interest report total was 159,231,813. That is an increase of over 100 million shares sold short in the last year and a half. That seems like a big increase.

But then again, SIRI also has a few billion outstanding shares. I need to obtain a new short interest resource that works for both NASDAQ and NYSE stocks and that also provides the information I need in a concise manner. If anyone has a suggestion, please let me know in the comments below or the Idea Chamber.

To end this on a positive note, if Berkshire did start selling some shares, there isn’t any noticeable selling volume spike yet.

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