Here's why the stock is up. The following was transmitted from Seeking Alpha to my email address:
" J.C. Penney perks up after channel checks flash green
"Cleveland Research swings a big stick in the retail sector and is giving J.C. Penney (JCP +5%) a boost today with a positive read on the company's December sales trends.
"Channel checks from the boutique firm show JCP's improving comparable store sales trends continued right through mid-December."
MM walking it down. Longs hold on to hope from days like this and it will help keep them in the trap through the bleed down that will follow. Traded the same way after hitting $19 last July...hope all the way down. There is a method to the process of taking a stock to $1. You're watching it.