Keith covered JCP this morning – strictly as a TRADE (3-weeks or less). Everyone reading this already knows that our fundamental view on the name and its earnings power is quite ugly and is very much out of consensus. Not an iota of our negative outlook on TREND (3-months) or TAIL (3-years) has changed. Per KM on the trade “Brian McGough remains the bear on JC Penney - Ackman the bull. The stock is immediate-term TRADE oversold here so we'll book another gain and look for re-entry on strength.”
