Short report: Bearish setup signals dominate, despite some bullish exceptions

Thu, 08/08/2019 - 9:30 am Ted Dixon, Canadian Insider

Bearish signals continue to dominate our short report, with eight names having bearish setups in the top ten most-shorted list. Although our signals still point to a potential short squeeze in oil patch names Paramount Resources (POU) and Bonterra Energy (BNE), the oil price is not cooperating. As such, the shorts appear to have the wind at their backs as we head into the home stretch this summer.

Top 10 Canadian Stocks Shorted as of July 31, 2019*
		Stock	Shares Short	%Float	Change	INK Signal
1	POU	Paramount Resources	6,998,362	24.79%	-0.28%	Squeeze
2	HLF	High Liner Foods	3,349,358	16.26%	-1.10%	Bearish
3	CJT	Cargojet	1,533,102	13.00%	0.53%	Bearish
4	GWO	Great West Lifeco	27,632,704	12.67%	-0.10%	Squeeze
5	SSL	Sandstorm Gold	20,152,123	11.43%	0.45%	Bearish
6	CHW	Chesswood Group	886,711	9.91%	0.44%	Bearish
7	NOA	North American Constr.	2,360,942	9.60%	-0.21%	Bearish
8	ACQ	AutoCanada	2,501,331	9.36%	-2.33%	Bearish
9	LB	Laurentian Bank	3,544,255	8.38%	-0.34%	Bearish
10	BNE	Bonterra Energy	2,037,812	8.25%	0.01%	Squeeze

*Stocks trading above $1

Shorts also have Burcon Nutrascience (BU) in their sights again. Shares shorted surged by 4,224,933, bringing the total to 4,368,723 shares or 6.60% of the float. Burcon NutraScience also has a potential short-squeeze setup based on INK signals.

A longer verion of this post appeared on INKResearch.com with bearish and bullish takes on some cannabis stocks.

Disclosure: I hold shares of BU.

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