June 23, 2009 (FinancialWire) (By Frank Kollar) — Shares of JC Penny Inc (NYSE: JCP) have had a good run since successfully retesting their bear market lows back on March 6. From their lows, they gained over 138% at their May 6 highs.

But since those highs JC Penny has been correcting and shares are now approaching their May 22 correction lows. If those lows at $24.56 hold, JC Penny could be headed back for a run to its prior rally highs.

But if JC Penny closes lower, we may have a way to go on the downside. Initial support is at $23.30 and critical support is at $21.07.

The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in JC Penny.

Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.

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