Iridium Communications (IRDM) is close to going into orbit. (January 04, 2017)
I want to just go back to Iridium ( NASDAQ:IRDM ) here. I featured this chart in yesterday’s free video; lets take another look at it. It is up 3.3 percent. Remember SpaceX, they ‘blowed’ up their last rocket, nobody really knew why. Since no one was hurt I can say this without fear of offending anybody, it was actually kind of funny. But like I said, “Nobody got hurt”, and that is a good thing. Anyway, SpaceX found why the thing blew up, I am not really sure what the reason was, and I don’t care because I am not in the rocket business; so they found it. Iridium ( NASDAQ:IRDM ) is going higher here. Why? Because SpaceX is supposed to launch 10 or 11 or their satellites into space. So they’re on, and I think it is even later this week or the first part of next week when these guys are going up.
So the market is buying this. It had been moving up all the time, but now that there is a little bit of a certainty as far as when these communication satellites are going up; and when you are in the telecom industry it is nice to have satellites, this stock is on the move. So hopefully you are already long this stock, but you have to pay attention to this $11.00 level. The stock was here before and so this is resistance. But this is my thing: This was resistance before anybody knew when or if those satellites were going to go back up into orbit. Now we know. We also know that about 30 percent of the float is short. So my bet is, that if this pops through (I am just going to set an alert here for myself, we will make it for the next week or so), if this thing pops above 11.07ish I think the short squeeze is on, even more that it is right now, and you can buy this stock. It will be a little bit of a rocket ship for you and you will make even more money.