The following is a list of stocks in rally mode, i.e. trading above 20-day, 50-day and 200-day moving averages. All of these stocks have low Price to Free Cash Flow (P/FCF) ratios, suggesting that they remain undervalued despite recent gains.

This list might be an interesting starting point for value-oriented momentum investors. Full details below.

P/FCF ratios, short float and performance data sourced from Finviz.

*Interactive Chart: Press Play to compare analyst ratings for the top five stocks mentioned below. Analyst ratings have been sourced from Zacks. Note: The numbers on top of the items represent the forward P/E ratio.*

The list has been sorted by the P/FCF ratio.

* 1. Annaly Capital Management, Inc. (NYSE:NLY):* REIT. Market cap of $11.33B. The stock is currently 1.85% above its 20-day MA, 2.23% above its 50-day MA, and 9.41% above its 200-day MA. P/FCF ratio at 1.53. Short float at 4.61%, which implies a short ratio of 3.04 days. The stock has gained 13.73% over the last year.

* 2. American International Group, Inc. (NYSE:AIG):* Property and Casualty Insurance Industry. Market cap of $32.38B. The stock is currently 20.19% above its 20-day MA, 22.24% above its 50-day MA, and 36.54% above its 200-day MA. P/FCF ratio at 1.65. Short float at 14.5%, which implies a short ratio of 3.85 days. The stock has gained 71.03% over the last year

* 3. Anworth Mortgage Asset Corporation (NYSE:ANH):* REIT. Market cap of $879.72M. The stock is currently 3.51% above its 20-day MA, 3.17% above its 50-day MA, and 9.27% above its 200-day MA. P/FCF ratio at 1.72. Short float at 4.88%, which implies a short ratio of 4.05 days. The stock has gained 15.37% over the last year.

* 4. The McClatchy Company (NYSE:MNI):* Publishing Industry. Market cap of $372.97M. The stock is currently 29.93% above its 20-day MA, 32.85% above its 50-day MA, and 10.61% above its 200-day MA. P/FCF ratio at 1.87. Short float at 29.85%, which implies a short ratio of 18.54 days. The stock has gained 32.63% over the last year.

* 5. American Equity Investment Life Holding Co. (NYSE:AEL): *Life Insurance Industry. Market cap of $739.12M. The stock is currently 12.16% above its 20-day MA, 15.7% above its 50-day MA, and 23.54% above its 200-day MA. P/FCF ratio at 1.92. Short float at 11.43%, which implies a short ratio of 7.82 days. The stock has gained 64.06% over the last year.

* 6. Morgan Stanley (NYSE:MS):* Investment Brokerage Industry. Market cap of $40.76B. The stock is currently 5.3% above its 20-day MA, 5.8% above its 50-day MA, and .92% above its 200-day MA. P/FCF ratio at 1.95. Short float at 1.36%, which implies a short ratio of 1.34 days. The stock has lost -8.86% over the last year.

* 7. CNO Financial Group, Inc. (NYSE:CNO): *Accident and Health Insurance Industry. Market cap of $1.67B. The stock is currently 11.88% above its 20-day MA, 17.11% above its 50-day MA, and 20.16% above its 200-day MA. P/FCF ratio at 2.23. Short float at 8.3%, which implies a short ratio of 10.22 days. The stock has gained 40.21% over the last year.

* 8. Protective Life Corp. (NYSE:PL):* Life Insurance Industry. Market cap of $2.28B. The stock is currently 9.63% above its 20-day MA, 13.02% above its 50-day MA, and 23.53% above its 200-day MA. P/FCF ratio at 2.31. Short float at 4.07%, which implies a short ratio of 6.38 days. The stock has gained 58.96% over the last year.

* 9. FBL Financial Group Inc. (NYSE:FFG):* Life Insurance Industry. Market cap of $891.83M. The stock is currently 4.64% above its 20-day MA, 6.38% above its 50-day MA, and 17.94% above its 200-day MA. P/FCF ratio at 2.37. Short float at 4.49%, which implies a short ratio of 11.34 days. The stock has gained 57.7% over the last year.

* 10. Aircastle LTD (NYSE:AYR):* Rental and Leasing Services Industry. Market cap of $832.85M. The stock is currently 3.21% above its 20-day MA, 9.73% above its 50-day MA, and 11.18% above its 200-day MA. P/FCF ratio at 2.51. Short float at 1.97%, which implies a short ratio of 2.33 days. The stock has gained 14.79% over the last year.

* 11. Capital One Financial Corp. (NYSE:COF): *Credit Services Industry. Market cap of $19.29B. The stock is currently 9.76% above its 20-day MA, 9.6% above its 50-day MA, and 4.95% above its 200-day MA. P/FCF ratio at 2.54. Short float at 4.39%, which implies a short ratio of 3.67 days. The stock has gained 5.02% over the last year.

* 12. Manulife Financial Corporation (NYSE:MFC):* Life Insurance Industry. Market cap of $29.52B. The stock is currently 10.05% above its 20-day MA, 19.88% above its 50-day MA, and 8.37% above its 200-day MA. P/FCF ratio at 2.63. Short float at 1.03%, which implies a short ratio of 5.73 days. The stock has lost -0.18% over the last year.

* 13. Advance America, Cash Advance Centers Inc. (NYSE:AEA):* Credit Services Industry. Market cap of $323.8M. The stock is currently 2.99% above its 20-day MA, 4.74% above its 50-day MA, and 12.24% above its 200-day MA. P/FCF ratio at 2.65. Short float at 2.69%, which implies a short ratio of 4.6 days. The stock has lost -10.94% over the last year.

* 14. Hertz Global Holdings, Inc. (NYSE:HTZ):* Rental and Leasing Services Industry. Market cap of $5.65B. The stock is currently 8.26% above its 20-day MA, 17.71% above its 50-day MA, and 25.55% above its 200-day MA. P/FCF ratio at 2.7. Short float at 9.15%, which implies a short ratio of 5.97 days. The stock has gained 27.47% over the last year.

* 15. Nara Bancorp Inc. (NARA): *Regional Bank. Market cap of $362.61M. The stock is currently 12.68% above its 20-day MA, 19.39% above its 50-day MA, and 19.35% above its 200-day MA. P/FCF ratio at 2.7. Short float at 3.6%, which implies a short ratio of 6.17 days. The stock has lost -3.14% over the last year.

* 16. Cloud Peak Energy Inc. (NYSE:CLD):* Industrial Metals and Minerals Industry. Market cap of $671.78M. The stock is currently 1.3% above its 20-day MA, 9.27% above its 50-day MA, and 28.16% above its 200-day MA. P/FCF ratio at 2.74. Short float at 13%, which implies a short ratio of 9.16 days. The stock has gained 68.16% over the last year.

* 17. E*TRADE Financial Corporation (NASDAQ:ETFC): *Investment Brokerage Industry. Market cap of $3.52B. The stock is currently 3.63% above its 20-day MA, 6.13% above its 50-day MA, and 6.25% above its 200-day MA. P/FCF ratio at 2.76. Short float at 3.34%, which implies a short ratio of 2.49 days. The stock has lost -4.1% over the last year.

* 18. Imation Corp. (NYSE:IMN): *Data Storage Devices Industry. Market cap of $384.97M. The stock is currently 4.92% above its 20-day MA, 2.88% above its 50-day MA, and 1.58% above its 200-day MA. P/FCF ratio at 2.89. Short float at 9.24%, which implies a short ratio of 17.82 days. The stock has gained 20.02% over the last year.

* 19. SunTrust Banks, Inc. (NYSE:STI):* Banking Industry. Market cap of $13.62B. The stock is currently 8.86% above its 20-day MA, 6.46% above its 50-day MA, and 4.42% above its 200-day MA. P/FCF ratio at 2.9. Short float at 4.41%, which implies a short ratio of 3.16 days. The stock has gained 22.36% 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.