  The QCD sum rule for the pentaquark $\Theta^+$, first analyzed by Sugiyama,
Doi and Oka, is reanalyzed with a phenomenological side that explicitly
includes the contribution from the two-particle reducible kaon-nucleon
intermediate state. The magnitude for the overlap of the $\Theta^+$
interpolating current with the kaon-nucleon state is obtained by using
soft-kaon theorem and a separate sum rule for the ground state nucleon with the
pentaquark nucleon interpolating current. It is found that the K-N intermediate
state constitutes only 10% of the sum rule so that the original claim that the
parity of $\Theta^+$ is negative remains valid.
