NEW YORK ( TheStreet) -- Stock charts often tell profound and painful stories.
In situations such as Sirius XM where fundamentals are often missing from the equation, "catalysts" end up driving the stock.Saintvilus goes on to explain that Liberty has entered an agreement to purchase 302 million shares of SIRI at $2.15 each. Only $2.15. That might help explain why insiders have been fleeing from this stock in recent months. Yet again, we have and will likely continue to have another case of misdirected anger. I talked about this phenomenon this morning in an article on TheStreet detailing denial on the part of Research in Motion ( RIMM) bulls and Apple's ( AAPL) legion of most-hardcore fan boys and girls. Longs in these cult stocks get angry with everybody but the very people responsible for current or potential future messes. They'll shoot messengers such as myself and Saintvilus, yet refuse to go after the most inept co-CEO team in the history of the world, a guy Steve Jobs ultimately would classify as a "Bozo" and a host of company insiders who sold out shortly before another firm made a pathetic, yet perfectly legitimate offer for more shares.
But the biggest "catalyst" over the past three years has been Liberty Media's ( LMCA) intent to raise its stake in the company to more than the 40% it already owns.
Many have suggested that this event would send the shares soaring toward $3.00. They were proved wrong Tuesday morning.