Kohl's wasn't alone in reporting same-store sales today, Target (TGT: sentiment, chart, options) also notified investors of its September performance. The retailer announced that sales at stores open at least a year dropped by 3% during September, greater than the expected drop of 1.2%. Total sales for the 5-week period increased 2.5% to $5.3 billion. The company also forecast October same-store sales to come in flat-to-3% lower.

Investors have reacted about as expected to this news, as the stock is down roughly 1% as we head into the noon hour. Watch the 40 level throughout the day for TGT, it has acted as both support and resistance in the past. A close below 40 would place the next historic support at the 35 level ... a tidy drop from the stock's current $39.50 price tag. If there is any good news for TGT, it is that the Street is already pessimistic about its prospects. The firm's Schaeffer's put/call open interest ratio (SOIR) of 1.17 is higher than 87% of the past year's worth of readings, leaving little room for further pessimism to push the stock lower.