Huge Sell Off For JC Penney Inc (NYSE: JCP) Says Market Timer Frank Kollar
June 27, 2007 (FinancialWire) (By Frank Kollar)
Shares of JC Penney Inc (NYSE: JCP), the major retailer operating 1,019 JC Penney department stores in 49 states and Puerto Rico, dropped almost 3% on Tuesday. After share prices dropped below critical Fib support late last week at $74.60, prices have been in freefall.
On Tuesday, another critical support level was broken at $71.67 and JCP plummeted as traders jumped on board the decline. The next support level is down at $67.50 and JCP is likely to reach it. If it holds, there may be a trading opportunity to profit from a reversal. But if $67.50 fails, prices could test $62.00 a share in coming weeks.
The F ibTimer.com (http://www.fibtimer.com) Stock Timing Strategy holds positions in stocks that meet trending and liquidity guidelines.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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