First up, we’d like to follow up with a continuation of our J.C. Penney story. It opened up sharply today at $14.20 and continued up to the $14.80′s.
We started paying attention at the $14.60′s and decided to add some protection in the form of a trailing stop order at $14.58. This would have protected our gains but would have let us capture any more appreciation with little risk. After all, this is not a long-term or core holding.
There must have been one trade at $14.58 because our stop order was executed at $14.59. JCP is trading at $14.74 as of this writing. Are we bitter or upset? No way, man. We’ll take a 6.38% gain in 24 hours any day. JCP is a very troubled company, and while the new CEO (who used to be the old CEO) may turn it around, it will be a long, expensive proposition. We’ll take our gains and live to trade another day.