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Do you look for contrarian opportunities in the market? If so, here's a list you might be interested in.

We began by screening the retail industry for stocks with bearish sentiment, with float shorts above 10%.

We then screened for those with strong positive correlations to the volatility (VIX) index over the last two months. This indicates that these stocks have tended to outperform when market uncertainty and volatility spiked. This may bode well if the market sees more volatility in the future. Of course, past performance is no guarantee of future returns.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

Tool provided by Kapitall (www.kapitall.com).

Do you think these stocks are vulnerable to a short squeeze? Use this list as a starting point for your own analysis.

List sorted by correlation to VIX.

1. RadioShack Corp. (RSH): Engages in the retail sale of consumer electronic goods and services through its RadioShack store chain and kiosk operations. Market cap at $264.51M, most recent closing price at $2.66. Float short at 46.39%. Correlation with the VIX index at 0.705 over the last 60 days.

2. Lululemon Athletica Inc. (LULU): Engages in the design, manufacture, and distribution of athletic apparel and accessories for women, men, and female youth primarily in Canada, the United States, and Australia. Market cap at $7.01B, most recent closing price at $62.84. Float short at 27.48%. Correlation with the VIX index at 0.703 over the last 60 days.

3. J. C. Penney Company, Inc. (JCP): Through its subsidiary, J. C. Penney Corporation, Inc., operates department stores in the United States and Puerto Rico. Market cap at $5.34B, most recent closing price at $24.40. Float short at 30.61%. Correlation with the VIX index at 0.635 over the last 60 days.

4. Deckers Outdoor Corp. (DECK): Engages in the design, production, marketing, and brand management of footwear and accessories for outdoor activities and everyday casual lifestyle use. Market cap at $1.88B, most recent closing price at $50.61. Float short at 25.19%. Correlation with the VIX index at 0.634 over the last 60 days.

5. WMS Industries Inc. (WMS-OLD): Engages in the design, manufacture, and distribution of games, video and mechanical reel-spinning gaming machines, and video lottery terminals (VLTs) for the legalized gaming industry worldwide. Market cap at $887.34M, most recent closing price at $16.11. Float short at 10.93%. Correlation with the VIX index at 0.63 over the last 60 days.

6. True Religion Apparel Inc. (TRLG): Designs, develops, manufactures, markets, distributes, and sells apparel in North America, Europe, Asia, Australia, Africa, and South America. Market cap at $586.21M, most recent closing price at $22.73. Float short at 11.43%. Correlation with the VIX index at 0.616 over the last 60 days.

7. GameStop Corp. (GME): Operates as a retailer of video game products and personal computer (PC) entertainment software. Market cap at $2.45B, most recent closing price at $18.79. Float short at 37.62%. Correlation with the VIX index at 0.596 over the last 60 days.

8. Barnes & Noble, Inc. (BKS): Operates as a content, commerce, and technology company in the United States. Market cap at $687.4M, most recent closing price at $11.47. Float short at 35.63%. Correlation with the VIX index at 0.562 over the last 60 days.

9. hhgregg, Inc. (HGG): Operates as a specialty retailer of consumer electronics, home appliances, and related services. Market cap at $244.45M, most recent closing price at $6.83. Float short at 29.16%. Correlation with the VIX index at 0.554 over the last 60 days.

*Price data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 9 Highly Shorted Retail Stocks Positively Correlated With Volatility