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Keith’s booking his eight gain covering JCP in the virtual portfolio since May with the sock holding its TRADE line of support at $26.13 for the first time in a while. Our thesis remains unchanged.

Ackman’s comments this morning reaffirm our bearish position over the immediate term. He’s betting on Ron Johnson to improve the retail experience, which may well play out – in 2015. In the meantime, it’s going to take both capital and time – not good for the stock over the immediate-term TRADE or intermediate-term TREND.

For more info on our thesis, see our Black Book, “JCP: What Ackmanists Are Missing.”

JCP: COVERING  - JCP VP 9 15 11