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

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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 with bearish and bullish takes on some cannabis stocks.

Disclosure: I hold shares of BU.

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