Its Memorial Day sales will post better than expected sales and good surprise to the Wall Street. All bad news have priced in. From here on and forward will be about the vision and leadership by the new CEO.
I hate to intrude with facts but the "new" CEO is actually the old CEO who was let go because Penney was underperforming. The only thing different this time around is that Penney has billions in new debt, all assets pledged against loans, and negative earnings. No wonder you are long.