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.
JCP might actually be a good short candidate now... Also wonder if Apple has finally hit bottom.
ReplyDeleteI think $JCP is a short to 10. Probably will stay away, but who knows! I still think AAPL needs more long term pain. PANIC Selling is not there yet.
ReplyDeleteJust an observation, so you seem to do better with long picks than short picks. Maybe HLF will go down to zero and change this, but... lol
ReplyDeleteWhen the market is this strong, I'd hope so! Should have pulled trigger on $GRPN, but after the CEO was fired stock is back so that'd be a wash. Shorts have been getting crushed!
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