One earnings short-squeeze play in the semiconductor complex is Silicon Laboratories ( SLAB), which is set to release numbers on Wednesday before the market close. This company designs and develops analog-intensive, mixed-signal integrated circuits for a range of applications. Wall Street analysts, on average, expect Silicon Laboratories to report revenue of $119.79 million on earnings of 43 cents per share. This company is going for its fifth consecutive quarter of beating Wall Street estimates when it reports this week. Revenue has trended lower for the past three quarters, and their gross margin shrank by 4.3% in the last quarter. Revenue dropped 0.9% while cost of sales jumped 11.4% to $46.2 million from a year ago. The current short interest as a percentage of the float for Silicon Laboratories is very high at 16.3%. That means that out of the 36.41 million shares in the tradable float, 6.21 million are sold short by the bears. This stock has a rather low float and very high short interest. If Silicon Laboratories can report a solid quarter and raise forward guidance, then this stock could easily see a monster short-squeeze. From a technical standpoint, SLAB is currently trading above both its 50-day and 200-day moving averages, which is bullish. This stock has been trading within a range since last November, between $40.22 and $45 a share. The stock is now starting to breakout above that range high of $45.10 and some past overhead resistance at $46.28 today with shares currently trading at around $46.50. If you're bullish on SLAB, I would look to be a buyer after its report if the stock can manage to hold above those breakout levels of $45.10 to $46.28 a share on strong volume. Look for volume to flow into the stock that's near or above its three-month average action of 399,735 shares. If we get that move, then I would target a run back towards the next significant overheard resistance at $50.27 a share, or possibly $53.17 a share. I would avoid any long trades in SLAB or get short this stock if it drops back below some near-term support at $45 a share on heavy volume following their report. Any high-volume move back below that level should set this stock up to re-test its 50-day moving average of $43.04 a share, or possibly its 200-day moving average of $39.52 if the bears whack this lower post-earnings.