Pete Najarian looked at Crocs (CROX) a stock where almost 16 million of 70 million shares outstanding are short. Buy CROX in the hope of getting an upside squeeze, he said, but don’t always look for quick gains in heavily shorted stocks, he warned. Sometimes the shorts are right.

Karen Finerman pointed out IHOP (IHP) a winner in a space that’s otherwise been annihilated. With a float that’s 33% short interest, Karen said IHOP is a perfect example of how to use a bounce to make a “graceful exit."

From many of the homebuilders to left-for-dead printing company Lexmark (LXK), investors don’t have to look far to find a short squeeze candidate, Jeff Macke said. But it can be a treacherous way to play the market, as the pop all too quickly will turn back into a drop.