Protection Sold in J.C. Penney

Shares of J.C. Penney Inc. JCP are trading off slightly on the session to $29.51, but appears to be getting a vote of confidence from the options market. The May $29 put looks to have been sold 4,000 times; open interest on the strike is 5,574 contracts. The November $28 put seems to have been sold as well, this time 2,000 times; open interest on that strike was 2,099 contracts. J.C. Penney Inc. has been selling off with the overall market and is struggling to hold the 50-day and 200-day moving averages. The next support level on the downside is around the $24 handle. I would wait to initiate a position in the name as it is in limbo right now.