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The following is a list of stocks reaching new 52-week highs on low volume and bearish option market sentiment, i.e. a large number of open put option positions relative to open call option positions.

For each stock we'll list the Relative Volume indicator, which expresses Wednesday's volume as a multiple of the three-month average.

With the volume behind these rallies running dry, options traders seem to think there's potential for a reversal. What do you think? Full details below.

Short float data sourced from Finviz, options data sourced from Schaeffer's.

click for expanded image

The list has been sorted by the Put/Call ratio.

1. Standard Microsystems Corp. (NASDAQ:SMSC): Semiconductor Industry. Market cap of $671.73M. Relative volume at 0.49. Call open interest at 156 contracts vs. put open interest at 1,710 contracts (Put/Call ratio at 10.96). Short float at 4.8%, which implies a short ratio of 8.61 days. The stock has gained 53.02% over the last year.

2. Kennametal Inc. (NYSE:KMT): Machine Tools & Accessories Industry. Market cap of $3.08B. Relative volume at 0.81. Call open interest at 422 contracts vs. put open interest at 4,425 contracts (Put/Call ratio at 10.49). Short float at 3.71%, which implies a short ratio of 4.79 days. The stock has gained 56.93% over the last year.

3. Towers Watson & Co. (NASDAQ:TW): Management Services Industry. Market cap of $3.89B. Relative volume at 0.38. Call open interest at 259 contracts vs. put open interest at 1,847 contracts (Put/Call ratio at 7.13). Short float at 2.87%, which implies a short ratio of 4.91 days. The stock has gained 12.08% over the last year.

4. Westlake Chemical Corp. (NYSE:WLK): Specialty Chemicals Industry. Market cap of $2.66B. Relative volume at 0.64. Call open interest at 787 contracts vs. put open interest at 4,511 contracts (Put/Call ratio at 5.73). Short float at 8.07%, which implies a short ratio of 6.82 days. The stock has gained 59.07% over the last year.

5. Jack Henry & Associates Inc. (NASDAQ:JKHY): Business Software & Services Industry. Market cap of $2.48B. Relative volume at 0.77. Call open interest at 203 contracts vs. put open interest at 1,161 contracts (Put/Call ratio at 5.72). Short float at 3.29%, which implies a short ratio of 6.13 days. The stock has gained 28.04% over the last year.

6. Mobile Mini, Inc. (NASDAQ:MINI): Metal Fabrication Industry. Market cap of $704.02M. Relative volume at 0.78. Call open interest at 824 contracts vs. put open interest at 3,364 contracts (Put/Call ratio at 4.08). Short float at 12.39%, which implies a short ratio of 32.06 days. The stock has gained 25.78% over the last year.

7. Genesco Inc. (NYSE:GCO): Apparel Stores Industry. Market cap of $976.43M. Relative volume at 0.91. Call open interest at 607 contracts vs. put open interest at 1,634 contracts (Put/Call ratio at 2.69). Short float at 5.61%, which implies a short ratio of 7.09 days. The stock has gained 70.52% over the last year.

8. Maxim Integrated Products Inc. (NASDAQ:MXIM): Semiconductor Industry. Market cap of $7.35B. Relative volume at 0.44. Call open interest at 11,815 contracts vs. put open interest at 22,317 contracts (Put/Call ratio at 1.89). Short float at 6.59%, which implies a short ratio of 5.44 days. The stock has gained 36.52% over the last year.

9. HMS Holdings Corp. (NASDAQ:HMSY): Business Services Industry. Market cap of $1.83B. Relative volume at 0.57. Call open interest at 732 contracts vs. put open interest at 1,266 contracts (Put/Call ratio at 1.73). Short float at 5.9%, which implies a short ratio of 8.11 days. The stock has gained 48.87% over the last year.

10. Clean Harbors, Inc. (NYSE:CLH): Waste Management Industry. Market cap of $2.03B. Relative volume at 0.58. Call open interest at 2,679 contracts vs. put open interest at 4,594 contracts (Put/Call ratio at 1.71). Short float at 10.45%, which implies a short ratio of 11.97 days. The stock has gained 37.68% over the last year.

11. Altera Corp. (NASDAQ:ALTR): Semiconductor Industry. Market cap of $11.87B. Relative volume at 0.55. Call open interest at 80,431 contracts vs. put open interest at 135,127 contracts (Put/Call ratio at 1.68). Short float at 11.16%, which implies a short ratio of 3.46 days. The stock has gained 69.98% over the last year.

12. Robbins & Myers Inc. (NYSE:RBN): Diversified Machinery Industry. Market cap of $1.13B. Relative volume at 0.82. Call open interest at 1,177 contracts vs. put open interest at 1,772 contracts (Put/Call ratio at 1.51). Short float at 15.84%, which implies a short ratio of 11.07 days. The stock has gained 46.37% over the last year.

13. Chevron Corp. (NYSE:CVX): Major Integrated Oil & Gas Industry. Market cap of $173.35B. Relative volume at 0.77. Call open interest at 194,675 contracts vs. put open interest at 271,665 contracts (Put/Call ratio at 1.4). Short float at 1.24%, which implies a short ratio of 2.77 days. The stock has gained 16.41% over the last year.

14. Edwards Lifesciences Corp. (NYSE:EW): Medical Appliances & Equipment Industry. Market cap of $7.93B. Relative volume at 0.54. Call open interest at 2,485 contracts vs. put open interest at 3,428 contracts (Put/Call ratio at 1.38). Short float at 2.37%, which implies a short ratio of 2.74 days. The stock has gained 67.2% over the last year.

15. Microsemi Corp. (NASDAQ:MSCC): Semiconductor Industry. Market cap of $2.02B. Relative volume at 0.5. Call open interest at 795 contracts vs. put open interest at 1,033 contracts (Put/Call ratio at 1.3). Short float at 3.67%, which implies a short ratio of 4.14 days. The stock has gained 47.29% over the last year.

16. TreeHouse Foods Inc. (NYSE:THS): Processed & Packaged Goods Industry. Market cap of $1.83B. Relative volume at 0.93. Call open interest at 520 contracts vs. put open interest at 645 contracts (Put/Call ratio at 1.24). Short float at 15.13%, which implies a short ratio of 23.92 days. The stock has gained 50.29% over the last year.

17. Lam Research Corporation (NASDAQ:LRCX): Semiconductor Equipment & Materials Industry. Market cap of $6.17B. Relative volume at 0.71. Call open interest at 16,885 contracts vs. put open interest at 20,412 contracts (Put/Call ratio at 1.21). Short float at 3.68%, which implies a short ratio of 1.9 days. The stock has gained 30.04% over the last year.

18. Nalco Holding Co. (NYSE:NLC): Synthetics Industry. Market cap of $4.34B. Relative volume at 0.91. Call open interest at 3,164 contracts vs. put open interest at 3,718 contracts (Put/Call ratio at 1.18). Short float at 2.01%, which implies a short ratio of 2.63 days. The stock has gained 31.27% over the last year.

19. Monro Muffler Brake Inc. (NASDAQ:MNRO): Consumer Services Industry. Market cap of $1.06B. Relative volume at 0.93. Call open interest at 362 contracts vs. put open interest at 422 contracts (Put/Call ratio at 1.17). Short float at 10.76%, which implies a short ratio of 12.17 days. The stock has gained 84.31% over the last year.

20. Diodes Incorporated (NASDAQ:DIOD): Semiconductor Industry. Market cap of $1.21B. Relative volume at 0.79. Call open interest at 1,722 contracts vs. put open interest at 1,964 contracts (Put/Call ratio at 1.14). Short float at 6.14%, which implies a short ratio of 6.52 days. The stock has gained 36.15% over the last year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.