• I regret covering (MOS: 54.42 -2.82%) too early, but decided not to blame myself. After all, this market has been a complete see-saw, up down up down.
• (SKF: 47.60 +1.69%) must be some curse that my enemies sent upon me. I buy it at the strangest times, and then can’t get rid of it.
• (PLCE: 50.51 -1.52%), (PSUN: 1.82 -4.21%) and (LVS: 51.59 -1.83%) are trying my patience, but I believe I’m right to short them and will wait.

Today, I’m back to what is becoming my favorite trade: shorting (JCP: 42.44 -1.60%), JC Penney.

They announced the same-store-sales today for the Back to School season. The number is -4.9%, overall sales are down more than 3%. On the back of this wonderful news – *snort* – the stock rallied something crazy. Note, this is now 6 up days in a row for JCP. What a champion! That expression “with stocks, what goes up, will continue to go up” must stop at some point. I’m betting that point is near.

I dipped a toe today, 60% in at about $41. May have to add close to $45, which would be a complete blow-off top. It’s levitating above all MA’s and channels.

Relevant stats: 1-month performance +37.5%, short float 8%, 2 days to cover.