Updated from 10:13 a.m. EDT

Many investors and traders believe that the stock market has hit bottom. If that is true, there are some interesting short-squeeze plays available on heavily shorted stocks.

A short squeeze takes place when a stock's short-sellers cover their positions quickly when good news boosts the price of the stock. This short-covering often drives the stock price even higher. The metric for measuring short-squeeze plays is the short ratio, which represents the number of days it would take a stock's short-sellers to cover their positions based on the stock's recent average daily volume.

Stockpickr has come up with a list of heavily shorted stocks that trade on the New York Stock Exchange and compiled the NYSE Short-Squeeze Plays for August portfolio, which includes such names as Thor ( THO), Harry Winston ( HWD) and Sealy ( ZZ).

For the rest of the story, and to see which NYSE-traded stocks could spike, please click here.

A note from James Altucher:

Every weekend I send an email to Jim Cramer and several hedge fund managers about the most interesting portfolios posted on Stockpickr that week. Usually those portfolios not only list stocks according to atheme but also offer significant analysis as to why the stocks are cheap.

Here are some examples:

Here's the challenge: Build a portfolio at Stockpickr.com with greatanalysis, and send me the link. Each great portfolio (with analysis)will get posted on TheStreet.com with your byline (as a "StockpickrGuest Columnist") and will be included in my email I send to Jim and the otherhedge fund managers on my list.

Stockpickr is a wholly owned subsidiary of TheStreet.com.

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