Crocs (CROX) and Deckers (DECK): An outperforming 'pair'

She explains, "This buildup of bearish bets accounts for roughly 33% of the company's total float. An unwinding of these bearish bets could supply the security with ample buying pressure to push it significantly higher."

She adds, "Options players have also placed some heavy bearish bets against the security. Indeed, short-term options speculators have been more bearishly aligned against the shares only 15% of the time during the past 12 months."

Drake's conclusion? She says, "This combination of investor skepticism against the security's impressive technical uptrend has bullish implications from a contrarian perspective. To participate in this contrarian set-up, investors should consider the equity's September or December 50 call.

In addition, to Crocs, the advisor see upside potential in Deckers Outdoor, which offers casual footwear and is best-known brands for its Teva and UGG brands. Like Crocs, she notes, the shares of Deckers have skipped higher since the start of the year, gaining more than 58%.

Drake explains, "The put/call ratio for the stock shows that short-term options players are still quite skeptical of the stock. Short covering could also add more fuel to equity's uptrend, as short interest reecently represented more than 21% of the company's total float."

She concludes, "If the bears begin to close out their short positions on the security, the buying pressure could add some lift to the shares. A near-the-money December 95 call would allow an options player to benefit from a rebound in the shares."

Each day, Steven Halpern's TheStockAdvisors.com features the latest investment ideas and market commentary from the financial newsletter community.