Sometimes you make a bad decision, and turn it into a worse decision. In this case, I made a bad decision and thankfully followed it with a good decision. I exited the stock today around 17.7 near today's open. The stock traded down 95 cents during the day and after hours it was reported that Vornado was looking to sell a large block trade. Initially the stock traded into the 15's, and is currently near 16.15.
JCP reported absolutely terrible earnings last week, and this turn-around play looks to be taking much longer than anyone anticipated. I'm not interesed in fighting the tape at these levels, as I see much better investments for the time being. This may get into the low teens, and we'll see if a better set-up appears.