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J. C. Penney Company, Inc. Message Board

  • grump430 grump430 Oct 10, 2013 2:32 PM Flag

    bounce/reversal

    Bounces usually get underway pretty quick, a couple of days, typically. Reversals on the other hand may take a while to build up steam. I get the sense a reversal is forming rather than a bounce. The selling climax day of this selloff was Sept. 27, a good ways back, 10 days.
    Half the float is short +-. There is a lot of profit dangling with the shorts and their trigger finger must be getting itchy. Once the shorts get the sense the institutional longs have been mugged to nothing those shorts may jump for the exits and those large $$$ gains.
    I'm long, a bit nervous but holding for short covering as a trade.

    Sentiment: Hold

 
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