Don't you think you're being a bit overly optimistic? This little rally is the result of two things, first, many of the big traders are on vacation until after Labor Day, and second, the price pops JCP had created a snowball effect with short covering. The higher the pop the more shorts covered, the more shorts covered the higher the pop. There will be a point when the panicked weaker short hands are out and that's when it stops going up. Then it will start to fall and longs will start to feel they missed the top and they will start selling. Then the shorts that covered will see the price going down and they will initiate new shorts positions, driving the price down further and faster yet.
When JPM sent their little analyst out to throw his Hail Mary pass on Monday, what did JBM do about it? Nothing, that's what they did, the maintained their neutral rating on JCP, they DID NOT upgrade the stock. That is a major price manipulation warning sign. If you can afford to sit on this stock for years to come, be my guest, otherwise ride your wave up for now, but don't get too greedy and know when to take your profit.
Optimistic? of course It's funny not to practice what's preached, e.g., being greedy for not taking profit as in your case -- was it then ten of thousands as claimed at one time? But what's it now? still in the green, few dollars at best? I long remain that the trade as we all have seen since Feb is strictly TECHNICALLY imbalanced. I will have my $12's target, in time. Don't wet your pant, too much
Count on no less than $12 after the Labor Day weekend and $14 to $15 before Christmas. $22 to $25 next year. CEO is doing a great job. The grand opening in N.J. will boost so much sales and revenue this long holiday weekend. In case you have not noticed, the analysts and the street has started their positive articles about JCP since the grand opening and the improved business the past 6 months. Better inventory control, strong relationship with the suppliers and cost control. All the right directions.
Sentiment: Strong Buy