Plenty of Talk About Outer Space These Days...

Early on in this morning's session we have a QQQ bounce coinciding with bullish seasonality but especially in conjunction with rates on the 10-Year Note relaxing. While the inverse correlation between rates and the Nasdaq may very well be overhyped (for now), it is also worth nothing that the trade may be a self-fulfilling prophecy at this point given how many eyes are watching the dynamic between the two markets. 

As a result, some of the best movers so far are in the Nasdaq. TSLA and SPLK are just two examples. And some beaten-down former monsters like OKTA and ZM are sporting near-term potential double-bottoms on their respective daily charts. 

But Sirius XM Holdings (SIRI) is also off to a solid start, featuring a long sideways base on its updated daily chart, below. Did you know that SIRI has a fairly sizable short position in its float? Despite the stock being widely overlooked as dead money for a good while now, the chart has been basing since 2018 and, before that, had an impressive rally for much of the decade before that. With plenty of ballyhoo about outer space, we ought not to forget the satellite infrastructure. 

Either way, SIRI over $6.25 has my eye for a long and possible squeeze play, especially if the QQQ bounce has legs into April.