With the recent large market drops, short-squeeze plays abound.

A short squeeze takes place when a stock's short-sellers must move quickly to cover their bearish bets as the stock moves sharply upward, generally on good news. A stock's short position is measured by the short ratio, which is the number of days it would take for the short-sellers to cover their positions based on the recent daily volume of the stock.

Stockpickr has compiled a list of 10

NYSE

-traded stocks that currently have the highest short ratios in the

Top NYSE Short-Squeeze Stocks for the Week

.

One of the stocks with the highest short ratios is

Clear Channel Outdoor

(CCO) - Get Report

, which sports a short ratio of 44. Independent News & Media recently agreed to buy Clear Channel's 50% interest in Clear Channel Independent, Africa's largest outdoor advertising company. In addition, Clear Channel has set up a deal to run FBI mug shots on its digital billboards. The company has a price-to-earnings (P/E) ratio of 41 and a P/E-to-growth (PEG) ratio of 2.2.

Clear Channel shares are also owned by

City of London Investment Management

, a listed fund management group that is partially owned by BlackRock and JPMorgan. The fund also owns stakes in

The Central Europe and Russia Fund

(CEE) - Get Report

, which has a short ratio of 1.6,

ASA

(ASA) - Get Report

, with a 3.5% short ratio, and

Petroleo Brasileiro

(PBR) - Get Report

, with a 1.8 short ratio.

Another NYSE stock with a high short ratio is

DPL

( DPL), which has a short ratio of 40. This regional electric utility raised its quarterly dividend last month by 6%, giving the stock a yield of 3.6%. The stock has a P/E of 18 and a PEG of 2.

DPL is also in the portfolio of

Duquesne Capital

, an investment fund with $4.5 billion under management. It also holds

Callaway Golf

(ELY) - Get Report

, which has a short ratio of 8,

Transocean

(RIG) - Get Report

, with a 2.6 short ratio, and

Adobe Systems

(ADBE) - Get Report

, with a short ratio of 2.

Then there is

Simpson Manufacturing

(SSD) - Get Report

, which has a short ratio of 35. CIBC World Markets just initiated coverage on the building products company with a sector perform rating. Its earnings call is scheduled for Feb. 8. The stock has a P/E of 15 and a PEG of 1.

Royce & Associates

is one of the money managers that owns share of Simpson. Royce, which specializes in investing in small- and micro-cap stocks, also holds

Lincoln Electric Holdings

(LECO) - Get Report

, with a 3 short ratio,

Unit Corp.

(UNT) - Get Report

, with a 2.4 ratio, and

Knight Capital Group

(NITE)

, with a 6.6 ratio.

To see more heavily shorted stocks, check out the

Top NYSE Short-Squeeze Stocks for the Week of Jan. 18

at Stockpickr.com.

At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, 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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