Retail Stocks Ready To Pull Back: $JCP, $TGT

Retail stocks have had an epic run higher. After fear that consumers would never spend again swept through the sector crushing every name, reality came back in and they bounced. The bounce gave way to a short squeeze and many of these names like J C Penney Company Inc (NYSE:JCP), Target Corporation (NYSE:TGT) have soared far too high. These plays are setting up as easy shorts, in fact Target Corporation is already dropping 2.5% today. Note the chart below on J C Penny Company. J C Penny has downside to $9.95, then $8.50.

 

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Gareth Soloway

Chief Market Strategist
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