JC Penney (JCP) closed -13% @ $17.92, breaking key support, and looks to be headed even lower in the days and weeks ahead.
JCP, weekly, 20yr
JCP continues to see massive sell side action, its taken out key support of $19, the next key levels are $15, $10, and then the 2000 low of $7.50s.
It is viable that JCP will implode to new historic lows in 2013.
As many recognise, JCP is trying to rationalise, but this is an extremely costly process, and if its customer base is not happy, its money being burnt for nothing.
Tough sector, and online retailers are continuing to take away much of their business.
*The price action in JCP is something that holders of SHLD and AMZN are going to see eventually. The only issue is when...not if.