The Kohl's Truth

Cramer thought that the S&P 500, which includes Kohl's, would ramp today. They are both up. Enough said.
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So yesterday, I am doing some work on shorting

Kohl's

(KSS) - Get Report

, the regional, going-national shopping chain. I figure it hasn't rolled over the rest of them, and it is cruising for a bruising.

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I can't find out much, but in the end, if every retailer is having a tough time, it will be very tough for the hitherto unscathed players to stay healthy. But right before I put it on, I discuss it with

Jeff Berkowitz

, my partner.

Jeff pointed out that Kohl's is a member of the

S&P 500

. He said that if we got really good numbers -- something that really can't be gamed -- the market won't think, "Ooh, be careful, Kohl's." The market will revert to being a monolith.

SPX

futures and call buyers will come in and overrun your short. Then he asked me an important question every short-seller has to deal with: "Is there any data point that comes out tomorrow that will force people into selling Kohl's."

No, I said. And I agreed that we could see quite a ramp in the S&P 500 on good numbers.

Kohl's is up 4. Enough said.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.