Very intrigued by JCP action here. While I was originally eyeing this as a good entry level for a long, I’m not convinced that market sentiment is what it should be for the trade. After all, SPX has retraced almost a full 50% of its ’07 high and while this doesn’t mean the market has to sell off, it does begin to make investors nervous and they begin to lighten up on their riskier positions [small caps & financials as of late]. So to enter this JCP trade I decided I’d better do further research. Looking around the retail sector what I found was many like JCP; already under distribution. LTD just broke down after earnings on Thursday and many others are forming triangles or in their tight little channels with weakening MACD so yeah…………….don’t think I’m ready to pull the trigger on JCP just yet. I’ve drawn another new channel on its downtrend and set an alert for a close above the 200d EMA; above that with some convincing volume and I may just take a dip for the holidays.