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If you're interested in small-cap ideas, the following list might offer an interesting starting point.

Below is a list of four small-cap stocks with market caps just over $100M, all of which are seeing an increasing call open interest relative to put open interest (i.e. a decreasing Put/Call ratio).

A decreasing Put/Call ratio represents bullish sentiment, which could continue. However some technical traders view the Put/Call ratio as a contrary indicator when it reaches extreme highs or lows, implying that these four stocks may be set for a reversal.

Do you think investors are being too bullish on these names? Or are these stocks just getting started? You be the judge--use this list as a starting point for your own analysis.

Options data sourced from Schaeffer's, recent developments sourced from Reuters, all other data sourced from Finviz.



List sorted by the change in the Put/Call ratio...

1. Procera Networks, Inc. (NASDAQ:PKT): Business Software & Services Industry. Market cap of $108.51M. Current Put/Call ratio at 0.29 vs. previous Put/Call ratio at 0.75 (a decrease of 61.33%). PKT is exhibiting strong upside momentum--currently trading 19.8% above its SMA20, 44.18% above its SMA50, and 83.3% above its SMA200. The stock has had a couple of great days as well, gaining 13.88% over the last week.

Recent developments: Announced Q4 2010 revenue guidance below analysts’ estimates (Jan. 2011).

2. SkyPeople Fruit Juice, Inc. (NASDAQ:SPU)
: Soft Drinks Industry. Market cap of $118.48M. Current Put/Call ratio at 1.85 vs. previous Put/Call ratio at 3.76 (a decrease of 50.80%). SPU has a relatively low correlation to the market (beta = -0.12), which may be appealing to risk-averse investors. It's been a rough couple of days for the stock, losing 6.09% over the last week.

Recent developments: Announced a new fruit beverage brand called “Good for You” (Feb. 2011).

3. Quepasa Corp. (QPSA):
Internet Information Providers Industry. Market cap of $107.44M. Current Put/Call ratio at 0.82 vs. previous Put/Call ratio at 1.41 (a decrease of 41.84%). It's been a rough couple of days for the stock as well, losing 19.75% over the last week--currently stuck in a downtrend, trading 37.24% below its SMA20, 44.32% below its SMA50, and 5.82% below its SMA200.

Recent developments: Announced it will acquire XtFt Games S/S Ltda (Feb. 2011). Announced agreement to sell $12.9M of equity (Dec. 2010).

4. Agilysys Inc. (NASDAQ:AGYS): Information Technology Services Industry. Market cap of $117.79M. Current Put/Call ratio at 1.43 vs. previous Put/Call ratio at 1.71 (a decrease of 16.37%). Note that this is a risky stock that is significantly more volatile than the overall market (beta = 2.46).

Recent developments: Issued FY11 revenue guidance of $690-710M (Feb. 2011).

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

Source: Small Cap Ideas: Option Traders Turning Bullish on These 4 Companies