Major Bank Short-Squeeze Plays
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,
.
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
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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