Stock market bears hate being caught short a stock that releases an upbeat earnings report. When this happens, we often see a tradable short squeeze develop as the bears move quickly to cover their positions. Even the most savvy bears know, it's never smart to get caught short into a bullish earnings report that sets off a squeeze.

Here are 5 of the most heavily shorted stocks that are set to report earnings. You only need to trade a few of these plays every week to help enhance your returns.

BlackBerry Limited

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My first earnings short-squeeze trade idea is technology player BlackBerry Limited (BBRY) , which is set to release numbers Friday before the market open. Wall Street analysts, on average, expect BlackBerry Limited to report revenue of $264.51 million on breakeven earnings per share.

The current short interest as a percentage of the float for BBRY is notable at 9.1%. That means that out of the 527.20 million shares in the tradable float, 48.31 million shares are sold short by the bears.

I would wait until after BBRY reports, and then look for long-biased trades if this stock manages to break out above its 20-day at $10.93 to $11.25 and then over its 52-week high of $11.74 with volume that hits near or above 9.73 million shares. Some possible upside targets off that breakout are $12.63 to $15 a share.

Meanwhile, Jim Cramer isn't buying Apple here, and says Facebook and Alphabet look better on a dip.

BlackBerry shares fell 1% to $10.62 on Wednesday morning.

Bed Bath & Beyond Inc.

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Another potential earnings short-squeeze play is home furnishing stores operator Bed Bath & Beyond Inc. (BBBY) - Get Report , which is set to release numbers Thursday after the market close. Wall Street analysts, on average, expect Bed Bath & Beyond Inc. to report revenue of $2.79 billion on earnings of 66 cents per share.

The current short interest as a percentage of the float for BBBY is pretty high at 9.9%. That means that out of the 140.45 million shares in the tradable float, 13.95 million shares are sold short by the bears.

I would wait until after BBBY reports, and then look for long-biased trades if this stock manages to break out above a key downtrend line that will trigger over its 50-day at $36.54 and then above $37.33 with volume that hits near or above 2.62 million shares. Some possible upside targets off that breakout are $40.16 to its 200-day at $40.31, or even $42 a share.

Sonic Corp.

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One potential earnings short-squeeze candidate is quick-service drive-in restaurants player Sonic Corp. (SONC) , which is set to release numbers Thursday after the market close. Wall Street analysts, on average, expect Sonic Corp. to report revenue of $120.02 million on earnings of 41 cents per share.

The current short interest as a percentage of the float for SONC is very high at 21.1%. That means that out of the 40.49 million shares in the tradable float, 8.55 million shares are sold short by the bears.

I would wait until after SONC reports, and then look for long-biased trades if this stock manages to break out above its 20-day at $29 to $30.05 and then over its 52-week high at $30.45 to $30.60 with volume that hits near or above 1.14 million shares. If that breakout develops post-earnings, this stock will set up to make a run at $35 to $40 a share.

The Finish Line Inc.

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Another earnings short-squeeze prospect is specialty retailer The Finish Line Inc. (FINL) , which is set to release numbers Friday before the market open. Wall Street analysts, on average, expect The Finish Line Inc. to report revenue of $434.51 million on earnings of 23 cents per share.

The current short interest as a percentage of the float for FINL is very high at 19%. That means that out of the 39.94 million shares in the tradable float, 7.59 million shares are sold short by the bear.

I would wait until after FINL reports, then look for long-biased trades if this stock manages to break out above some key resistance levels at $13.50 to its 20-day at $14.04 and then over its 50-day at $14.57 with volume that hits near or above 1.74 million shares. If that breakout fires off post-earnings, this stock will set up to make a run at $15.30 to $16.25, or even $17 to $18 a share.

Red Hat Inc.

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My final earnings short-squeeze trading opportunity is application software player Red Hat Inc. (RHT) - Get Report , which is set to release numbers Tuesday after the market close. Wall Street analysts, on average, expect Red Hat Inc. to report revenue of $647.84 million on earnings of 53 cents per share.

The current short interest as a percentage of the float for RHT sits at 2.4%. That means that out of the 176.71 million shares in the tradable float, 4.34 million shares are sold short by the bear.

I would wait until after RHT reports, then look for long-biased trades if this stock manages to break out above some key resistance levels at $92 to its 52-week high of $92.49 with volume that hits near or above 1.67 million shares. If that breakout kicks off post-earnings, this stock will set up to make a run at $100 to $105, or even $110 a share.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.