Sirius XM since the merger, had all the potential in the world, without the credit lines. Now, that the credit was taken cared of, even if there were some crazy deals, the stock looks to be in the clear. A stock that was once shorted from higher than 3.00 all the way down to single digit cents, finally has lift off. Sirius XM ( NASDAQ: SIRI ) www.TradeKing.com is up 10% in Monday mornings pre-market, which signals that last weeks rally was not a farce. Many traders that I talked to sold on Friday, who bought in at .10, now they could be wishing they did not.

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Without the news of the I-Phone application, active day traders thought SIRI would not budge. With just a simple credit rating boost last Thursday, SIRI has recaptured the trust needed by financial institutions and investors looking for a stock to make some money within this troubled economy.

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Whether this is just a short term rally, or the signal for much higher, is yet to be seen. With most of the shorts gone, for now, it looks like a very attractive stock. The stock, while in the penny stock category, has had many rises and falls. Traders have manipulated this stock for quite some time, pushing it exactly where they want it. The problem the manipulators are now having, is the new found high volume SIRI has been experiencing, they may have finally lost their grip.

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Full Disclosure: This trader is LONG SIRI and did not sell on Friday and is looking at the long term.

Update: The stock did not crash after open, and is up 21% as of 10:00 am