Since retail dominates this week’s earnings schedule, let’s take a closer look at one of those names. And it’s a head scratcher, because we’re not seeing what most of the market is apparently seeing.

It’s office supply maven Staples (NASDAQ:SPLS), which reports on Wednesday before the open. The company tends to come in right around the analyst expectation in most quarters, with nine of the past 10 reports coming within a penny of the consensus estimate. The lone exception was a 4-cent miss last quarter that resulted in a 15% plunge in one day.

Analysts expect little to no growth this quarter, which shouldn’t exactly excite the bulls. But the stock has been on a little run of late, bouncing off the $12 level to gain more than 13% off last week’s low. This rally appears to be losing steam, however, and the 10-day moving average sits overhead as possible resistance.

Here’s what we don’t get about SPLS. Despite being down 40% so far this year, sentiment toward the stock is optimistic. The put/call ratio is near an annual low, short interest is modest, and 11 of 17 analysts rate the shares a buy (with no sells). With all due respect, what the heck are these guys looking at? And we won’t even mention the lousy economy and skittish consumer (OK, so we did mention that).

We’re just not getting why the Street likes SPLS so much. Lousy fundamentals, weak technicals, and optimistic sentiment add up to a vulnerable stock. Buy the Sep 14 put for around a buck.

Have a great trading week.