Why I Own SHLD Put Options*

*And will be buying as many as I can this week:
http://www.marketwatch.com/story/sears-starts-to-look-like-a-retailer-again-2010-04-23?dist=WSJfeed&siteid=WSJ

"Many of Lambert's moves in rebuilding the company were counter intuitive, to say the least."

Jim Cramer likes Mike Lambert.

http://seekingalpha.com/article/197891-cramer-s-lightning-round-all-alone-with-eddie-lampert-4-8-10

Wow, they have lost market share! But they are increasing sales none the less! Wow! Amaaaazing! Or accounting crap orchestrated by the Gomez-Lambert team. Give me a break.

Which is more likely, a former hedge fund manager is making huge profits based on accounting irregularity's and government stimulus funds, or people are going to start flocking to Sears and K-Mart in droves because they like Selena Gomez?

So Jim Cramer loves this guy...and I don't. Nothing personal, just you see, you have a former hedge fund guy trying to turn around a failing retailer in the midst of the next Great Recession and you know what? He is not really trying to turn it around.

From WSJ article above: "It is too early to tell if Sears' sales uptick is just a freak occurrence, or if the company has made some changes that will stick." (Hint: It's a freak occurence!)

Lampert knows Sears is going down and his old hedge fund buddies are supporting him even though they know it too. Hence, a P/E of 59.8 in an industry that is trading at 23.8 times earnings when it should be trading at 13 times earnings. Perhaps 7.

Short, Short, Short!*

*Trade at you own risk. I smell a great big blanking RAT!