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The following is a list of stocks have bearish options positioning combined with bearish moving average trends. For most of these stocks, the 50-day moving average has moved below the 200-day moving average, a signal called the "Death Cross."

To compile this list, we started with a universe of stocks with high Put/Call ratios, i.e. excessive bearish options sentiment. We then narrowed down the list by minimizing the difference between each stock's 50-day and 200-day moving averages.

It comes as no surprise that most of these stocks also have high short interest. Is excessive pessimism warranted, or is this a good time for contrarians to step in? Options data sourced from Schaeffer's. Full analysis below.

1. Papa John's International Inc. (PZZA): Restaurants Industry. Market cap of $621.76M. Put/Call ratio at 4.54 (put open interest at 8,930 contracts, vs. call open interest at 1,966 contracts). 50-day SMA at $27.60, and 200-day MA at $28.12 (vs. current price of $23.47). Short float at 5.79%, which implies a short ratio of 7.26 days.

2. Cypress Semiconductor Corporation (CY): Semiconductor Industry. Market cap of $1.64B. Put/Call ratio at 3.58 (put open interest at 50,743 contracts, vs. call open interest at 14,185 contracts). 50-day SMA at $10.53, and 200-day MA at $10.55 (vs. current price of $10.10). Short float at 7.3%, which implies a short ratio of 4.19 days.

3. Consumer Staples Select Sector SPDR (XLP): ETF. Market cap of $2.89B. Put/Call ratio at 2.93 (put open interest at 132,972 contracts, vs. call open interest at 45,428 contracts). 50-day SMA at $29.14, and 200-day MA at $29.22 (vs. current price of $26.65). Short float at 14.37%, which implies a short ratio of 2.04 days.

4. The Cheesecake Factory Incorporated (CAKE): Restaurants Industry. Market cap of $1.32B. Put/Call ratio at 2.91 (put open interest at 24,997 contracts, vs. call open interest at 8,593 contracts). 50-day SMA at $22.70, and 200-day MA at $22.65 (vs. current price of $21.76). Short float at 17.04%, which implies a short ratio of 6.8 days.

5. WisdomTree Dreyfus Chinese Yuan (CYB): ETF. Market cap of $427.86M. Put/Call ratio at 2.58 (put open interest at 32,603 contracts, vs. call open interest at 12,621 contracts). 50-day SMA at $26.91, and 200-day MA at $27.10 (vs. current price of $24.89). Short float at 10.24%, which implies a short ratio of 3.31 days.

6. Industrial Select Sector SPDR (XLI): ETF. Market cap of $2.98B. Put/Call ratio at 2.35 (put open interest at 259,943 contracts, vs. call open interest at 110,403 contracts). 50-day SMA at $30.64, and 200-day MA at $30.79 (vs. current price of $28.12). Short float at 19.15%, which implies a short ratio of 1.03 days.

7. Microvision Inc. (MVIS): Diversified Electronics Industry. Market cap of $217.68M. Put/Call ratio at 1.88 (put open interest at 8,568 contracts, vs. call open interest at 4,564 contracts). 50-day SMA at $2.42, and 200-day MA at $2.43 (vs. current price of $2.42). Short float at 13.63%, which implies a short ratio of 21.33 days.

8. Legg Mason Inc. (LM): Asset Management Industry. Market cap of $4.13971B. Put/Call ratio at 1.86 (put open interest at 38276 contracts, vs. call open interest at 20553 contracts). 50-day SMA at $29.27, and 200-day MA at $29.40 (vs. current price of $26.13. Short float at 8.55%, which implies a short ratio of 4.25 days.

9. CBS Corporation (CBS): Broadcasting - TV Industry. Market cap of $9.14B. Put/Call ratio at 1.84 (put open interest at 63,237 contracts, vs. call open interest at 34,361 contracts). 50-day SMA at $13.16, and 200-day MA at $13.07 (vs. current price of $13.11). Short float at 4.47%, which implies a short ratio of 2.74 days.

10. SPDR KBW Bank (KBE): ETF. Market cap of $746.12M. Put/Call ratio at 1.79 (put open interest at 10,893 contracts, vs. call open interest at 6,102 contracts). 50-day SMA at $23.83, and 200-day MA at $23.97 (vs. current price of $21.71). Short float at 11.75%, which implies a short ratio of 1.09 days.

11. China Petroleum & Chemical Corp. (SNP): Independent Oil & Gas Industry. Market cap of $69.51B. Put/Call ratio at 1.73 (put open interest at 9,118 contracts, vs. call open interest at 5,273 contracts). 50-day SMA at $79.25, and 200-day MA at $79.80 (vs. current price of $79.05). Short float at 0.16%, which implies a short ratio of 1.46 days.

12. The Travelers Companies, Inc. (TRV): Property & Casualty Insurance Industry. Market cap of $23.38B. Put/Call ratio at 1.71 (put open interest at 32,043 contracts, vs. call open interest at 18,773 contracts). 50-day SMA at $52.81, and 200-day MA at $52.52 (vs. current price of $49.43). Short float at 1.72%, which implies a short ratio of 1.66 days.

13. Southwest Airlines Co. (LUV): Regional Airlines Industry. Market cap of $8.24B. Put/Call ratio at 1.68 (put open interest at 19,013 contracts, vs. call open interest at 11,288 contracts). 50-day SMA at $11.01, and 200-day MA at $11.07 (vs. current price of $10.83). Short float at 2.78%, which implies a short ratio of 2.94 days.

14. Spectra Energy Corp. (SE): Oil & Gas Pipelines Industry. Market cap of $13.64B. Put/Call ratio at 1.53 (put open interest at 7,260 contracts, vs. call open interest at 4,752 contracts). 50-day SMA at $22.77, and 200-day MA at $22.35 (vs. current price of $20.85). Short float at 1.23%, which implies a short ratio of 2.06 days.

15. ConAgra Foods, Inc. (CAG): Processed & Packaged Goods Industry. Market cap of $9.45B. Put/Call ratio at 1.47 (put open interest at 25,168 contracts, vs. call open interest at 17,122 contracts). 50-day SMA at $21.79, and 200-day MA at $21.70 (vs. current price of $21.38). Short float at 1.92%, which implies a short ratio of 1.85 days.

16. Honeywell International Inc. (HON): Aerospace/Defense Products & Services Industry. Market cap of $31.01B. Put/Call ratio at 1.13 (put open interest at 41,814 contracts, vs. call open interest at 36,941 contracts). 50-day SMA at $41.61, and 200-day MA at $42.9 (vs. current price of $38.85). Short float at 1.09%, which implies a short ratio of 1.57 days.

Disclosure: No positions

Source: 16 Stocks and Funds on Death Watch