Updated from 7:01 a.m. EDT

The huge drop in the stock market has created significant short-squeeze opportunities, especially in the financial stock arena.

A short squeeze takes place when a stock's short-sellers scramble to cover their bearish positions when that stock moves sharply upward; their buying ends up pushing shares even higher. Short positions of stocks are measured by the short-squeeze ratio, which represents the number of days it would take for the short-sellers to cover their positions based on the recent daily volume of the stock.

This week, Stockpickr has compiled a list of the

top money center bank short-squeeze plays

, including

Toronto Dominion

(TD) - Get Report

,

SunTrust Banks

(STI) - Get Report

and

PNC Financial Services

(PNC) - Get Report

.

To read more,

visit Stockpickr.com

.

At the time of publication, Altucher and/or his fund was long State Street, although positions may change at any time.

James Altucher is president of

Stockpickr

LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs a fund of hedge funds. He is also a weekly columnist for the

Financial Times

and the author of

Trade Like a Hedge Fund

,

Trade Like Warren Buffett

and

SuperCa$h

. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback;

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