JCP Showing Only Modest Bounce

This week's trade in stock markets was to capitalize on the fundamental weakness (lower sales, revenues) at JC Penney, after the stock price have continued to obey the parameters set by its long term downtrend channel. Prices hit new lows this week near 15, so the trade to buy PUTS in JCP near 16 is still looking steady. Prices are slightly underwater at around 16.15 but this can be viewed as a profit taking bounce after hitting new lows. As long as the broader bear channel remains intact, prices should continue lower from here. For those not in the trade, this latest bounce provides another opportunity to get in:

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