Santa Claus Rally?

The Nasdaq gapped up +26 points this morning opening at 2607.  It felt strong to me and I hopped on to catch some of the upswing.  I think it could make a decent attempt towards its 50 day EMA which is 2679 - that’s a good additional 72 points.  I turned to JCP (JC Penney’s) for a trade. 
I chose JCP because I remember trading JCP in the 60’s a few months ago - it has decent volatility and can really go up 2-3 points in a day- that’s what I’m going for.   I don’t think this is THE turnaround but I’ll go for a bounce.  It was trading at $41.80 when I looked at the call prices.  I chose the $42.50 strike price because I can see it going in the money. 

Bought:
JCP Dec07 $42.50 calls - 10 @ $2.00