Forget all my bullshit below. Once again, FINVIZ is awesome and I have been rendered obsolete.

Here’s a link to screen results (120) for optionable stocks above $1 that are 50% or more below their 20 SMA:

Screen Results 1

Add in some filters for profitability and debt/equity ratios, and you get these screen results (26):

Screen Results 2

Finally, I added a 5% of float sold short filter, and sorted by Short Ratio (days to cover at average vol) and got these results (14):

Screen Results 3

There’s gotta be some good buys in there somewhere.

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After the comments from CAP and Woodshedder about finding stocks that would double on a move back to their 20 period moving average, I went to Stockfetcher.com’s scanner and threw together this scan. It looks for long candidates that, should they return to their 20 day EMA, would at least double from the current price:

stock is optionable /*Only optionable stocks*/
close above 1 /*Filter out stocks below $1*/
set{double,close*2}
draw ema(20)
double is less than ema(20) /*EMA(20) is at least twice the close*/
add column double
add column ema(20)
set{den,close/100}
set{return,ema(20)/den}
sort return descending /*Sort by % return (could be more than double)*/
add column return

Here’s the results:

And the tickers in ibc format:

Cypress Semiconductor Corporation (CY: 2.97 -0.67%)
Commercial Vehicle Group, Inc. (CVGI: 1.06 -4.50%)
Reliant Energy, Inc. (RRI: 4.54 -3.20%)
General Growth Properties, Inc (GGP: 0.4399 +9.98%)
iStar Financial Inc. (SFI: 1.14 +17.53%)
Protective Life Corp. (PL: 6.55 -3.82%)
XL Capital Ltd. (XL: 4.56 -10.76%)
Aracruz Celulose SA (ADR) (ARA: 8.29 -3.04%)
PharmaNet Development Group Inc. (PDGI: 2.05 0.00%)
(MECA: 1.35 -8.78%)
American International Group, Inc. (AIG: 1.68 +7.69%)
Morgan Stanley (MS: 10.688 +4.27%)
Genworth Financial, Inc. (GNW: 1.12 +9.80%)
Advanced Medical Optics, Inc. (EYE: 5.55 +4.32%)
Mechel OAO (ADR) (MTL: 3.96 -7.48%)
Fortress Investment Group LLC (FIG: 1.9552 -13.87%)
AK Steel Holding Corporation (AKS: 6.31 -3.07%)
Clear Channel Outdoor Holdings, Inc. (CCO: 4.68 -5.26%)
ATP Oil & Gas Corporation ATP Oil & Gas Corporation ATP Oil & Gas Corporation ATP Oil & Gas Corporation ATP Oil & Gas Corporation ATP Oil & Gas Corporation ATP Oil & Gas Corporation ATP Oil & Gas Corporation (ATPG: 4.40 -13.39%)
InterOil Corporation (USA) (IOC: 9.32 -2.92%)
Eagle Bulk Shipping Inc. (EGLE: 4.46 -30.85%)
Hercules Offshore, Inc. (HERO: 3.68 -17.12%)
Northern Dynasty Minerals Ltd. (USA) (NAK: 2.20 -3.51%)
FelCor Lodging Trust Incorporated (FCH: 0.87 -10.31%)
Hartford Financial Services (HIG: 6.37 -7.41%)
Conseco, Inc. (CNO: 2.48 +2.48%)
Cemex SAB de CV (ADR) (CX: 4.51 -1.53%)
Century Aluminum Company (CENX: 5.5601 -9.15%)
Hypercom Corporation (HYC: 0.75 -3.85%)
DryShips Inc. (DRYS: 4.37 -18.16%)
Sonic Automotive, Inc. (SAH: 2.39 -5.91%)

First glance it looks like lots of financials, commodities and shippers.The highest return would come from Cypress Semiconductor Corporation (CY: 2.97 -0.67%) at 271%. However, some of these candidates are toast and will go away for good, or will never see the current EMA(20) ever again. How to filter those out? Is it even possible without hindsight? Feel free to comment.