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The following is a list of stocks that have lagged the rest of the market over recent weeks, reporting losses over the last quarter. All of these stocks have seen a recent increase in the Put/Call ratio, which is based on open interest of option contracts.

In addition, the Put/Call ratios of these companies are at the upper end of their annual ranges.

If you're a contrarian, this excessive pessimism might raise a flag.

Some technical traders view the Put/Call ratio as a contrary indicator when it reaches extreme highs or lows. In other words, because the stocks mentioned below have a high number of open put option positions relative to call option positions, contrarians would think most of the stocks mentioned below are set for a rally. Do you agree?

Options data sourced from Schaeffer's, short float and performance data sourced from Finviz. (Please note: All changes in the Put/Call ratio occur between 1/07 - 1/21)

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 the Put/Call ratio. A reminder: All changes in the Put/Call ratio occur between 1/07 - 1/21.

1. Clinical Data, Inc. (NASDAQ:CLDA): Biotechnology Industry. Market cap of $450.3M. The stock has lost -17.55% over the last quarter. Current Put/Call ratio at 0.6 vs. a previous ratio of 0.3 (100.00% change). Short float at 16.77%, which implies a short ratio of 13.87 days. The stock has lost -5.71% over the last year.

2. Home Inns & Hotels Management Inc. (NASDAQ:HMIN): Lodging Industry. Market cap of $1.5B. The stock has lost -26.99% over the last quarter. Current Put/Call ratio at 1.89 vs. a previous ratio of 1.08 (75.00% change). Short float at 6.51%, which implies a short ratio of 3.74 days. The stock has gained 13.89% over the last year.

3. SUPERVALU Inc. (NYSE:SVU): Grocery Stores Industry. Market cap of $1.56B. The stock has lost -29.79% over the last quarter. Current Put/Call ratio at 1.74 vs. a previous ratio of 1.21 (43.80% change). Short float at 14.56%, which implies a short ratio of 3.89 days. The stock has lost -50.97% over the last year.

4. Volcom Inc. (NASDAQ:VLCM): Apparel Footwear & Accessories Industry. Market cap of $412.28M. The stock has lost -19.53% over the last quarter. Current Put/Call ratio at 1.33 vs. a previous ratio of 1.05 (26.67% change). Short float at 10.89%, which implies a short ratio of 12.87 days. The stock has gained 7.79% over the last year.

5. Orbitz Worldwide, Inc. (NYSE:OWW): General Entertainment Industry. Market cap of $499.27M. The stock has lost -27.60% over the last quarter. Current Put/Call ratio at 0.45 vs. a previous ratio of 0.39 (15.38% change). Short float at 1.56%, which implies a short ratio of 5.07 days. The stock has lost -20.91% over the last year.

6. Ctrip.com International Ltd. (NASDAQ:CTRP): Consumer Services Industry. Market cap of $5.87B. The stock has lost -15.57% over the last quarter. Current Put/Call ratio at 1.01 vs. a previous ratio of 0.9 (12.22% change). Short float at 6.43%, which implies a short ratio of 3.15 days. The stock has gained 35.19% over the last year.

7. Clearwire Corporation (CLWR): Wireless Communications Industry. Market cap of $5.44B. The stock has lost -22.07% over the last quarter. Current Put/Call ratio at 2.1 vs. a previous ratio of 1.93 (8.81% change). Short float at 17.87%, which implies a short ratio of 7.47 days. The stock has lost -18.61% over the last year.

8. Taseko Mines Ltd. (NYSEMKT:TGB): Copper Industry. Market cap of $1.03B. The stock has lost -13.23% over the last quarter. Current Put/Call ratio at 0.31 vs. a previous ratio of 0.3 (3.33% change). Short float at 0.53%, which implies a short ratio of 0.23 days. The stock has gained 13.14% over the last year.

Source: Contrarian Ideas: 8 Underperforming Stocks With Increasing Put/Call Ratios