By the Numbers

After massive rally, will shorts finally win?

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As the continues to trade near record highs, short interest appears to be on the rise, again.

NYSE Euronext reports short interest rose more than 1.53 percent in November to 27.84 billion shares, its largest amount in five months.

Just in the last two weeks of November, more than 43 percent of S&P 500 stocks saw an average 10 percent increase in short interest.

This year has not been kind to short sellers, which have seen the S&P jump 24 percent, or its largest gain in a decade.

But some investors believe the tide may change. Hedge fund manager Bill Fleckenstein recently told CNBC he was restarting his short fund, while hedge fund titan Jim Chanos said he's finding many more opportunities on the short side.

Short interest measures the total number of shares of a security that have been sold short, expressed as a percent of total tradeable shares.

Investors track short interest levels to gain a sense of where a stock might be headed, along with some insight into whether any positive news might force short traders to cover their positions, pushing stocks higher.

Within the S&P 500, 33 stocks or about 7 percent of the index have short interest greater than 10 percent.

About one-third of those names are part of the consumer discretionary sector. The most shorted stocks are Cliffs Natural Resources, U.S. Steel and home builder Lennar, which all have short interest greater than 20 percent.

Here is a list of S&P stocks that have the largest short interest as a percent of float and their year-to-date performance:

Ticker Company Short Int. YTD % Chg. Sector
CLFCliffs Natural Res.31.4-38.68Materials
XUnited States Steel 24.210.81Materials
LENLennar Corp.20.4-9.41Consumer Disc.
FTRFrontier Corp.19.14.56Telecom.
ADTThe ADT Corp.19.1-15.06Industrials
TRIPTripadvisor17.899.88Consumer Disc.
CVCCablevision Systems 17.77.83Consumer Disc.
GMEGameStop Corp.17.684.81Consumer Disc.
JOYJoy Global 17.5-16.4Industrials
VRSNVeriSign16.745.75Information Tech.
PBIPitney Bowes 16.6105.07Industrials
DHID.R. Horton16.5-3.49Consumer Disc.
PRGOPerrigo Company16.445.78Health Care
ANFAbercrombie & Fitch 16.2-31Consumer Disc.
WINWindstream Holdings14.9-4.14Telecom.
FSLRFirst Solar14.378.8Information Tech.
HASHasbro13.344.35Consumer Disc.
GRMNGarmin Ltd.13.216.66Consumer Disc.
DGXQuest Diagnostics 13.2-6.38Health Care
TSNTyson Foods13.172.94Consumer Staples
MUMicron Technology12.8260.41Information Tech.
EXPEExpedia12.41.66Consumer Disc.
MTBM&T Bank Corp.1215.41Financials
DNBThe Dun & Bradstreet 11.947.73Industrials
NFLXNetflix11.6301.05Consumer Disc.
LMLegg Mason11.158.36Financials
CHRWC.H. Robinson 11-9.46Industrials
GMGeneral Motors 10.840.27Consumer Disc.
AAAlcoa Inc.10.88.53Materials
TERTeradyne10.7-2.37Information Tech.
MCHPMicrochip Technology 10.329.43Information Tech.
SPLSStaples10.239.74Consumer Disc.
KSSKohl's Corp.10.128.32Consumer Disc.

—By CNBC's Giovanny Moreano and Pradip Sigdyal. Follow Giovanny on Twitter: @giovannymoreano