Way back in August of 2013 I wrote a post suggesting JCP was not the best long play around… The low of the week I published the post was $12.34… As you can see the stock closed at $8.50 on Friday… and has seen a low in between of $4.90.
I was asked recently if I think differently now.
Those of you who follow me can take one look at the chart and know that my answer is *&ll to the no…
I talk alot about the Value Area on my charts, but the reality is, there’s nothing special about it. I have just seen it prove relevant time and time again, so why change it? It’s a simple marker that keeps me pointed in the right direction. It will work the exact same way on your charts… or you can simplify further and just follow me…
On the JCP chart, price looks to be failing in the zone… again.
Would I short it? No… I think shorting individual stocks is a losing game unless you have a very specific skill set… This is especially true if the trade is not of short duration (pun intended).
The point? Stay away from JCP longs unless you get a weekly close above the Value Zone… and even then tread lightly… I think the company is taking the scenic route to the same destination as the Montgomery Wards of the world. Don’t know that name?
My point exactly…