NEW YORK (TheStreet) -- If you're a current J.C. Penney (JCP) Investor from before the earnings release, you may be ready to break a keyboard or want to find a corner to curl up in. Don't grab your blanket just yet; the worst is likely over, or close to it.Based on my experience with gap downs following earnings reports similar to J.C. Penney's, the odds favor yesterday or today marking the short-term low. It's not quite time to wish for a price above the closing before earnings of $33.32, but J.C. Penney does have strong support near $26. Next week will likely find bargain hunters picking up shares cheap to flip over. If Friday appears to be closing below Thursday's low, I may join with the bargain hunters for a quick hit-and-run weekend carryover.
|There remains an opportunity to get long J.C. Penney today with options.|