J.C. Penney is taking a beating today. We think its due in no small part to the long-term support level it’s breaking this week. The bulls might be right and turn this retailer north making this an excellent entry point. What’s more likely is the stock will head down toward the next long-term support level at $8.69 in the very near future… Bill Ackman tantrum notwithstanding. It will be tradeable from the long side of course, but if you’re looking for a real long term bargain, you will do better looking elsewhere.