JC Penney has obviously had a horrible few years, only exacerbated by the fact that they got starry-eyed over an Apple executive (with the somewhat porn-star-ish name of Ron Johnson) back when Apple was the Best Shiny Thing on the planet. Well, the world has discovered that AAPL has clay feet, as do its executives, and they gave the guy the heave-ho (and, from what I read, the chap bought $50 million in JCP warrants whose strike price is way over 100% above the current bid, so that’s gotta hurt).
Anyhoo, unlikely as it seems, maybe JCP is nearing an important bounce point, based on the trendline that goes back over 30 – yep, that’s over thirty – years. Maybe Penney’s will eventually go the way of Montgomery Ward, but the chart says it’s nearing a buy point.
