BATS:JCP   PENNEY J C INC
225 4 0
Purely speculative long for portfolio. Only buying Dec             . $10 calls vs today's low (risk defined). Looks like a false breakdown from the bullish descending wedge .

Not going to touch common shares. 5Y CDS on JCP             is still high. If markets were to break down hard to see how JCP             would hold up.
sublimares2
3 years ago
what make it a false breakdown?
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Ensof0112
3 years ago
False breakdown is not confirmed yet. The candle + volume today is making me anticipate a false breakdown. Though if price breaks the low of today on high volume then my analysis would be wrong.
Also, too many bearish calls coming from C and GS at the lows, so i feel a bounce instead of further breakdown is warranted
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Ensof0112
3 years ago
In the After Hour session JCP came out with the news of selling shares via GS for funding. So I am not sure how the market will react to this news after the morning pump by the CEO.
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Ensof0112
3 years ago
I made the wrong call. The CEO morning pump + GS afterhours news about JCP screwed up the trade.
I am still keeping the Dec. $10 calls in my portfolio (small size) as a speculative play. I will not average cost at all. This trade has become more of a small lottery ticket/ Contrarian trade.
JCP needs a reallllllllllllly strong catalyst to turn around from here. I am not trading its shares at all. Just option plays.

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