The Historical Look at J.C. Penney

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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In the event we see more vicious, “max pain” rallies higher like we have seen in TSLA, I thought it would be instructive to have a list of stocks ripe to squeeze higher.

Please click the screen shot below for a larger view of my “12631 FINISH HIM! SHORT KILLER SCREEN” inside The PPT. Obviously these stocks are going to have the highest percentage of shorts and, according to the algorithm, are set up well to squeeze further.

If this bull remains wild, this is a great idea screen.

Members can click here to view and save it.

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On further strength, EXEL INVN are two heavily-shorted stocks ripe to squeeze higher and are thus long ideas headed into Thursday. Their daily charts below both indicate solid technical setups which should get shorts panicky if we see an upside thrust. You may also pair off these long ideas versus existing index or sector shorts.

Drop me your top tickers overnight.

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Enjoy tonight’s video, and enjoy your evening. 

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On the one hand, I am short the REITs with a tight above recent highs, as the IYR is seemingly struggling at likely overhead supply.

On the other hand, you have to applaud the bulls’ resilience after all these quarters. Specifically, note the many “topping tails” on the chart below. By now, you would think the sellers would take control and drive us much lower. But the dip-buyers just will not give it up. Eventually they will, but as we saw today with the likes of SCTY TSLA, among others, the market is hell-bent on max pain,

See you after the bell on my video market recap.
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A quick reminder here from last night to continue to watch the Yen for clues amid this equities’ chop.

Keying off the ETF (the Dollar/Yen cross works well, too), you can see how closely the $95/$96 range needs to be monitored.

Recall that the Yen tends to trade inversely to equities and global risk.

Drop me some final hour ideas you are trading.

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