I've only made 3 posts about JC Penny stock since starting this blog. In this first post I indicated that it was going to crash. I followed that up about a month later indicating the crash would be severe. Both of these chart predictions about JCP turned out to be very accurate. The stock eventually plummeted to about $6.
More recently in this post (when the stock was still falling and at $7 and change) I suggested traders should be on bottom watch for JC Penny because the chart pattern told me the selling should be coming to an end soon.
I think JCP stock has since bottomed. It has also begun to poke its head above the mania retrace line. which means big percentage gains could happen quickly as short sellers rush to cover. JC Penny will probably BK some day but for now it is extremely oversold and ready for a very tradeable pop IMO.
Effective market timers can make a lot of money in a short time. Whoever was able to buy at the exact bottom has reaped 45% in less than 20 trading days. If you want to understand how the rich get so damned rich, look no further than this. They simply load up on these government supported companies (low interest rates is effectively government charity to corporations) using cheap debt:
2 comments:
Hi, nothing to do about JCP, but I was wondering if you could do some analysis on Bitcoin/USD? Feel free to remove this comment.
Bitcoin is worth a post. The problem with it is there are no really good chart viewers that allow zooming it. But I think the chart is fairly clear so I will give it a go.
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