J.C. Penney (JCP) Nine-Year Trend Broken, NUGT Stop Updated, DJIA Chart Updated

 

It's rare that we see a 9-year trend broken.  Today retailer J.C. Penney did just that.

 

Here's the related news: J.C. Penney reports happy holidays, upbeat outlook

 

 

More importantly, here's the chart followed by a close-up view:

 

 

 

 

We went long today, and will sell on any close below $6.  JCP closed today at $8.36

 

 

The remainder of our NUGT position is up 226% since our mid-January entry and we're raising our stop once again, now to $35.

 

 

On February 11 we posted this chart of the DJIA:

 

 

 

 

The market has gone higher almost daily, up 1193 points (+7.7%) in the 9 trading days since the February 11 low (circled in green) and may have reached an area of resistance (marked by black lines):

 

 

 

 

 

 

 

 

 

 



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