Despite an earnings gap higher, J.C. Penney is likely going to open this morning below its 2000/2001 crash lows, seen on the monthly chart below–Denoted by the horizontal light blue line.
If you are looking for anything more than a quick long trade, I suspect you need to see that $8.75-$9 area eventually negotiated adequately. Until then, stay nimble, as the stock remains damaged goods. And if you think the stock is still going to zero, that is your target short entry to trade against.
Which stocks are at the top of your watchlists this morning?
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JCP is where I got my first sport coat.
It was a Towncraft label and a beautiful black and gold checkered coat.
I specifically remember buying it at the store with my parents because we had to hurry as JFK (yes, that JFK) was going through town in an election motorcade (running vs Nixon).
JCP has what looks like a fix bid to it. Who owns all the shopping centers that would fail if JCP does? The equity holders could still be sacrificed, but in the new crony socialist market we have?
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I posted this yesterday …
… if NTLS loses the $15 level … it could go much LOWER ! imo
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Take a look:
NTLS Chart
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Fact: 1st J.C. Penney store was located in Wyoming…prolly not too many would have thunk that!