Shares of J C Penney Company Inc (NYSE:JCP) broke out in a major way on Tuesday. The stock price is destined to head to $8.50 from its current $6.00 range. There are tons of shorts trying to hold this retailer down but the breakout will trigger covering and a squeeze. It is very possible this stock could see its target within a week or two. I am bullish on J C Penney Company Inc.