The department store behemoth is expected to release quarterly earnings on Wednesday before the opening bell. Adami said that the name shouldn't be as volatile as it is but he thinks it has the potential to go higher.
"I think this is stock that trades higher into their [earnings] number," he said.
Trader Timothy Seymour is long J.C. Penney even though "the valuation itself may not make sense."
"I think the comps are still in their favor, and they are starting to recover some market share," he said. "It's a recovery story that is still working."
The clothier's stock was down about 20 percent last quarter and should be sold, said trader David Seaburg.
"They have a gross margin issue, they've got an FX issue; it's just a story that's not working right now," he said.
Trader Brian Kelly said that rising gas prices mean less shopping for consumers.
"I would stay away from retail in general," he said.
Tim Seymour is long T, BAC, C, DIS, EWP, F, GE, GM, GOOGL, INTC, JCP, SUNE, TBT, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO
Brian Kelly is long BTC=, BBRY, SPY puts, U.S. Dollar, he is short Australian Dollar, he is short Yen, he is short Yuan.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.