I wouldn't get your hopes up too high just yet. We've all seen this stock manipulated with ease from the 9's back down to the 8's and sometimes into the 7's. This stock has to hold in the 9's for at least a week before I'm convinced the MM's will let the share price go forward.
Today was an important turning point. Investors are beginning to accept that JCP's turnaround is getting traction. Even Motley Fool is putting out bullish articles. Many shorts gave up and covered today, but they were replaced by others who established new short positions. One day they will be right, but not soon.
With the fear and greed index running deep in the greed region, JCP is benefiting from the overall bullish attitude of market participants. However, there's a large segment of investors that remains negative. This is important for two reasons. The market is not going to top out while such a large percentage remains negative. Secondly, those that are now negative will eventually join the fun because nobody wants to see their neighbor getting rich while they continue to pinch pennies. When the last segment of reluctant buyers finally join the crowd, then we can start looking for a top, but it's probably a couple years off. Be patient and don't cash out under $30. Good things come to those who are patient.
yahu I pulled the trigger on all my holdings on the run up...Can always buy back in.
My question is simply who the hell is ITG Research? Were they paid to put out that article, and by whom?
If there's a pullback I'll consider diving back in.
Mike Ullman has been very good to me, and I do appreciate it!