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The following is a list of stocks that are approaching an inflection point, based on moving average trends. For this article, we define an inflection point as the convergence between the 50-day and 200-day moving averages.

When these two moving averages cross, it often represents a shift in investor sentiment. If the 50-day MA moves above the 200-day MA (bullish), it's called a "Golden Cross" signal. If, on the other hand, the 50-day MA crosses below the 200-day MA (bearish), it's called the "Death Cross".

To compile this list, we started with a universe of stocks that have seen the SMA50 move above the SMA200 (i.e. a bullish signal). We then narrowed down the list by only focusing on those stocks that have seen a sharp increase in shares shorted over the past three months.

We last wrote about this screen on November 10, 2010. On that day, the screen produced 20 companies. Since then, 14 out of 20 companies mentioned in that article have outperformed the S&P 500 index (a success rate of 70.00%). The screen averaged a return of 11.31% vs. an index return of 4.33%. Click here to access a full breakdown of the screen's past performance.

Short sellers seem to think these rallies are about to reverse. But will the inevitable short covering push these stocks even higher?

Moving average data sourced from Finviz, short trends data sourced from AOL Money. (Note: All short trends described occurred between 9/15 - 12/15)

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted by the change in shares shorted over the last three months. Please note: All short trends described occur between 9/15 - 12/15.

1. First Niagara Financial Group Inc. (FNFG): Savings & Loans Industry. Market cap of $2.92B. SMA50 at $13.06 vs. SMA200 at $12.68 (current price at $14.1). Shares shorted increased from 10.9M to 21.31M over the last three months. Short float at 10.27%, which implies a short ratio of 9.93 days. The stock has gained 2.5% over the last year.

2. Harsco Corporation (HSC): Steel & Iron Industry. Market cap of $2.45B. SMA50 at $25.96 vs. SMA200 at $25.74 (current price at $30.98). Shares shorted increased from 1.11M to 2.14M over the last three months. Short float at 2.67%, which implies a short ratio of 2.94 days. The stock has lost -9.1% over the last year.

3. Resolute Energy Corporation (REN): Independent Oil & Gas Industry. Market cap of $860.2M. SMA50 at $12.5 vs. SMA200 at $12.15 (current price at $15.68). Shares shorted increased from 2.69M to 4.67M over the last three months. Short float at 8.86%, which implies a short ratio of 20.46 days. The stock has gained 49.19% over the last year.

4. Omnicare Inc. (OCR): Drugs Wholesale Industry. Market cap of $2.9B. SMA50 at $24.45 vs. SMA200 at $24.4 (current price at $25.38). Shares shorted increased from 6.14M to 10.26M over the last three months. Short float at 9.12%, which implies a short ratio of 4.98 days. The stock has lost -4.3% over the last year.

5. The New York Times Company (NYT): Newspapers Industry. Market cap of $1.48B. SMA50 at $9.11 vs. SMA200 at $9.07 (current price at $9.97). Shares shorted increased from 9.21M to 15.24M over the last three months. Short float at 11.95%, which implies a short ratio of 5.01 days. The stock has lost -28.14% over the last year.

6. Kinetic Concepts Inc. (KCI): Medical Appliances & Equipment Industry. Market cap of $3.27B. SMA50 at $40.8 vs. SMA200 at $39.48 (current price at $44.3). Shares shorted increased from 3.04M to 4.91M over the last three months. Short float at 7.84%, which implies a short ratio of 10 days. The stock has gained 14.75% over the last year.

7. Elan Corp. plc (ELN): Drug Delivery Industry. Market cap of $3.92B. SMA50 at $5.71 vs. SMA200 at $5.61 (current price at $7.02). Shares shorted increased from 4.74M to 7.14M over the last three months. Short float at 1.52%, which implies a short ratio of 2.55 days. The stock has lost -9.58% over the last year.

8. Commerce Bancshares Inc. (CBSH): Regional Bank. Market cap of $3.5B. SMA50 at $38.55 vs. SMA200 at $37.96 (current price at $40.03). Shares shorted increased from 1.86M to 2.78M over the last three months. Short float at 3.41%, which implies a short ratio of 6.34 days. The stock has gained 3.53% over the last year.

9. Nexen Inc. (NXY): Independent Oil & Gas Industry. Market cap of $11.5B. SMA50 at $21.72 vs. SMA200 at $21.51 (current price at $23.18). Shares shorted increased from 1.32M to 1.91M over the last three months. Short float at 0.36%, which implies a short ratio of 0.9 days. The stock has lost -8.36% over the last year.

10. ITT Corporation (ITT): Diversified Machinery Industry. Market cap of $9.68B. SMA50 at $49.15 vs. SMA200 at $48.3 (current price at $52.72). Shares shorted increased from 3.97M to 5.48M over the last three months. Short float at 3%, which implies a short ratio of 4.32 days. The stock has gained 6.01% over the last year.

11. Quest Diagnostics Inc. (DGX): Medical Laboratories & Research Industry. Market cap of $9.14B. SMA50 at $51.84 vs. SMA200 at $51.13 (current price at $54.35). Shares shorted increased from 2.75M to 3.65M over the last three months. Short float at 2.62%, which implies a short ratio of 2.99 days. The stock has lost -9.32% over the last year.

12. GameStop Corp. (GME): Electronics Stores Industry. Market cap of $3.13B. SMA50 at $21.08 vs. SMA200 at $20.77 (current price at $20.25). Shares shorted increased from 28.82M to 36.97M over the last three months. Short float at 25.4%, which implies a short ratio of 9.68 days. The stock has gained 2.02% over the last year.

13. Eagle Materials Inc. (EXP): Cement Industry. Market cap of $1.22B. SMA50 at $26.6 vs. SMA200 at $26.17 (current price at $27.66). Shares shorted increased from 3.44M to 4.39M over the last three months. Short float at 10.99%, which implies a short ratio of 12.76 days. The stock has gained 13.64% over the last year.

14. PDL BioPharma, Inc. (PDLI): Biotechnology Industry. Market cap of $752.88M. SMA50 at $5.89 vs. SMA200 at $5.79 (current price at $5.49). Shares shorted increased from 8.7M to 10.72M over the last three months. Short float at 7.69%, which implies a short ratio of 5.38 days. The stock has lost -14.31% over the last year.

15. PHH Corporation (PHH): Credit Services Industry. Market cap of $1.38B. SMA50 at $21.66 vs. SMA200 at $21.08 (current price at $24.99). Shares shorted increased from 9.64M to 11.81M over the last three months. Short float at 21.35%, which implies a short ratio of 15.23 days. The stock has gained 46.04% over the last year.

16. Petrohawk Energy Corporation (HK): Independent Oil & Gas Industry. Market cap of $5.83B. SMA50 at $18.36 vs. SMA200 at $18.25 (current price at $19.25). Shares shorted increased from 16.94M to 20.73M over the last three months. Short float at 7.04%, which implies a short ratio of 3.44 days. The stock has lost -27.9% over the last year.

17. Winnebago Industries Inc. (WGO): Recreational Vehicles Industry. Market cap of $433.89M. SMA50 at $12.52 vs. SMA200 at $11.78 (current price at $15.05). Shares shorted increased from 3.06M to 3.7M over the last three months. Short float at 12.74%, which implies a short ratio of 11.26 days. The stock has gained 24.48% over the last year.

18. THQ Inc. (THQI): Multimedia & Graphics Software Industry. Market cap of $419.93M. SMA50 at $5.32 vs. SMA200 at $5.16 (current price at $6.2). Shares shorted increased from 7.69M to 9.29M over the last three months. Short float at 13.8%, which implies a short ratio of 9.09 days. The stock has gained 7.85% over the last year.

19. Lincoln National Corp. (LNC): Life Insurance Industry. Market cap of $9.25B. SMA50 at $26.22 vs. SMA200 at $26.22 (current price at $29.13). Shares shorted increased from 7.52M to 9.05M over the last three months. Short float at 2.87%, which implies a short ratio of 2.27 days. The stock has gained 6.88% over the last year.

20. CVS Caremark Corporation (CVS): Drug Stores Industry. Market cap of $47.8B. SMA50 at $32.66 vs. SMA200 at $32.09 (current price at $35.33). Shares shorted increased from 13.1M to 15.53M over the last three months. Short float at 1.15%, which implies a short ratio of 1.71 days. The stock has gained 4.58% over the last year.

Source: 20 Breakout Stocks Being Targeted by Short Sellers