11 Rebounding Stocks With Bullish Options Sentiment

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 |  Includes: BAX, CNP, DEO, ENIA, ITRI, PAA, PNW, PWE, QLIK, RDEA, SPY, VOD
by: Kapitall

The following is a list of rebounding stocks, i.e. have had bullish MACD crossovers over the last two days (based on the MACD (12,26,9) indicator). In addition, all of these stocks have bullish options sentiment, i.e. large call option open interest relative to put option open interest.

We last wrote about this screen on September 3, 2010. On that day, the screen produced 15 companies. Since then, 10 out of 15 companies mentioned in that article have outperformed the S&P 500 index (a success rate of 66.67%). The screen averaged a return of 18.85% vs. an index return of 12.3%. Click here to access a full breakdown of the screen's past performance.

For each stock, we'll discuss options positioning and short float trends. MACD signals sourced from Stockcharts.com, options data sourced from Schaeffer's, and short float data sourced from Finviz.

Interactive Chart: Press Play to compare analyst ratings for the top 5 stocks mentioned below.

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

1. Pinnacle West Capital Corp. (NYSE:PNW): Electric Utilities Industry. Market cap of $4.46B. Call open interest at 1,140 contracts vs. put open interest at 336 contracts (Put/Call ratio at 0.29). Short float at 1.43%, which implies a short ratio of 2.01. The stock has gained 14.84% over the last year.

2. Plains All American Pipeline LP (NYSE:PAA): Oil & Gas Pipelines Industry. Market cap of $8.51B. Call open interest at 4,429 contracts vs. put open interest at 1,364 contracts (Put/Call ratio at 0.31). Short float at 0.21%, which implies a short ratio of 0.81. The stock has gained 28.24% over the last year.

3. Ardea Biosciences, Inc. (NASDAQ:RDEA): Drug Manufacturer. Market cap of $522.93M. Call open interest at 184 contracts vs. put open interest at 64 contracts (Put/Call ratio at 0.35). Short float at 11.65%, which implies a short ratio of 35.6. The stock has gained 55.52% over the last year.

4. CenterPoint Energy, Inc. (NYSE:CNP): Diversified Utilities Industry. Market cap of $6.74B. Call open interest at 4,242 contracts vs. put open interest at 1,672 contracts (Put/Call ratio at 0.39). Short float at 1.54%, which implies a short ratio of 1.68. The stock has gained 16.28% over the last year.

5. Qlik Technologies, Inc. (NASDAQ:QLIK): Business Software & Services Industry. Market cap of $1.82B. Call open interest at 2,577 contracts vs. put open interest at 1,144 contracts (Put/Call ratio at 0.44). Short float at 1.72%, which implies a short ratio of 2.6.

6. Penn West Energy Trust (NYSE:PWE): Oil & Gas Drilling & Exploration Industry. Market cap of $10.21B. Call open interest at 13,112 contracts vs. put open interest at 6,803 contracts (Put/Call ratio at 0.52). Short float at 0.33%, which implies a short ratio of 0.77. The stock has gained 45.83% over the last year.

7. Enersis S.A. (ENI): Foreign Utilities Industry. Market cap of $15.78B. Call open interest at 172 contracts vs. put open interest at 91 contracts (Put/Call ratio at 0.53). Short float at 0.16%, which implies a short ratio of 0.93. The stock has gained 19.18% over the last year.

8. Diageo plc (NYSE:DEO): Wineries & Distillers Industry. Market cap of $46.34B. Call open interest at 9,177 contracts vs. put open interest at 5,592 contracts (Put/Call ratio at 0.61). Short float at 0.08%, which implies a short ratio of 0.99. The stock has gained 12.17% over the last year.

9. Baxter International Inc. (NYSE:BAX): Medical Instruments & Supplies Industry. Market cap of $29.35B. Call open interest at 95,800 contracts vs. put open interest at 69,796 contracts (Put/Call ratio at 0.73). Short float at 1.13%, which implies a short ratio of 1.86. The stock has lost -13.23% over the last year.

10. Vodafone Group plc (NASDAQ:VOD): Wireless Communications Industry. Market cap of $141.16B. Call open interest at 42,696 contracts vs. put open interest at 34,748 contracts (Put/Call ratio at 0.81). Short float at 0.15%, which implies a short ratio of 1.14. The stock has gained 22.8% over the last year.

11. Itron, Inc. (NASDAQ:ITRI): Scientific & Technical Instruments Industry. Market cap of $2.26B. Call open interest at 10,371 contracts vs. put open interest at 8,809 contracts (Put/Call ratio at 0.85). Short float at 4.59%, which implies a short ratio of 3.58. The stock has lost -13.16% 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.