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Relative Strength A Big Change For J.C. Penney Company, Inc.



October 23, 2013 – Comments (0) | RELATED TICKERS: JCP

Momentum has started to shift in beaten down stock J.C. Penney Company, Inc. (NYSE:JCP). As the stock market falls today, J.C. Penney has moved higher. This signals relative strength and a possible bottom in the stock with huge upside potential. The biggest upside potential for the stock is a classic short squeeze. Remember, Goldman Sachs helped do the secondary offering for JCP at $9.65. The stock is down near 30% from that point. At these levels, it is possible Goldman will pump the stock in an attempt to satisfy their clients. In addition, any positive news from the company could start an epic short squeeze where the stock soars back to $10.00+.

I am long the stock as a swing trade in this area. To me, the risk is more than equaled in the reward potential. 

Gareth Soloway

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