Earnings Play: J.C. Penney

Up is up. Down is down. Whatever the reason, it happens. January was a struggle for bulls, and February is a struggle for bears. It seems to me we should have a level playing field into the rubber-match month of March. Today feels like a good day to step back.

While Orange (ORAN) has yet to work well from yesterday, Advanced Cannabis Solutions (CANN) got a nice CNBC bump today. That was a very fortunate entry yesterday. And while I'd love to stay in the name, there really is no way I can rationalize it. The stock is up some 60% today, so I exited the position. I continue to have an interest in trading the marijuana names, but this one could just as easily fall 25% tomorrow as it could rise. I was playing a technical breakout, but now the pattern is very different. In fact, there isn't one left on the daily chart. You can break the stock down to a five-minute chart to get a pattern of today's action, but I'll pass on that for now....197 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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