We all know about the doggy material of Sears and K-Mart that Eddy Lamphere has to work with, but that only constitutes half of SHLD's holdings. If you look at SHLD's financial statements, there is the other half that is devoted to hedge fund activities. In fact, the hedge fund angle has been one of the selling points for small investors to acquire SHLD stock.

Unfortunately, while I may not be the world's greatest financial analyst, it still appears as if SHLD's financials are in good part a black box. What's inside of the hedge fund half of SHLD? Indications are that Eddy used Sears credit arm as a cash cow, thus destroying the stock of that seperate entity, but what other shenanigans are there in that black box? Subprime mortgage packages? Rembrandts?

From a technical perspective, the party is over for SHLD's stock, and I wouldn't view it as attractive until it falls a long way from where it is today. Unfortunately, I view SHLD as a canary in the mineshaft, a leading indicator. How many more overleveraged disasters are we going to watch fall by the wayside in the future?