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TheStreet Open House

3 Hot Stocks to Trade (or Not)

J.C. Penney

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Nearest Resistance: $16
Nearest Support: $14
Catalyst: Credit Rebuttal

>>5 Stocks Set to Soar on Bullish Earnings

Shares of retail giant J.C. Penney ( JCP) are finding some buoyancy again after dropping double digits in yesterday's session. The trigger was news that commercial lender CIT Group was starting to cut off credit to some of Penney's suppliers -- a major vote of concern for JCP's ability to pay its bills. Management refuted the claims today, boosting shares by 2.5%. This stock is still down considerably on the week.

Penney's drop is less concerning than it would be if shares had dropped below an important technical level. Instead, $14 still looks like strong support in JCP. That's not to say that shares look especially bullish from here -- the stock is still in a downtrend since its May highs. Even so, it doesn't look like the floor is going to fall out from here.

To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr.



-- Written by Jonas Elmerraji in Baltimore.

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Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet. Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily, and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation.

Follow Jonas on Twitter @JonasElmerraji

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