The stock market, as measured by Nasdaq, is trading near its lowest point in the last several years. When the market drops as much as it has, it creates noteworthy short squeeze opportunities, especially for Nasdaq stocks.

A short squeeze takes place when short-sellers quickly cover their bearish positions on optimistic news, which can move the price of the stock up sharply. The metric for measuring short squeeze opportunities is the short ratio, which is the number of days it would take the short-sellers to cover their positions based on recent average daily volume of the stock.

With this in mind, Stockpickr has compiled a list of the Top Nasdaq Short-Squeeze Plays for December.

One of the Nasdaq stocks with the highest short ratios is Green Mountain Coffee Roasters (GMCR), a distributor of roasted coffee in the Northeast. This heavily shorted stock has a short ratio of 26.5, which means that it would take the short-sellers over 26 days to cover their positions. Robert Stiller, GMCR’s Chairman of the Board, recently sold over 68,000 shares of the company stock, amounting to in excess of $2,000,000. The stock has a fairly high P/E ratio of 42 but a reasonable PEG ratio of 0.94.

Green Mountain shows up in a Stockpickr portfolio called Cramer's Take on Top-Searched Stocks from 10-7-08, which quotes Jim Cramer as saying, "I'm trying to get my arms around this one, but I don't want to touch it. I think Starbucks (SBUX) is a better value down at this level." Other stocks mentioned in this portfolio include Visa which Cramer liked and which has a short ratio of 1.7, and DIAGEO (DEO), which Cramer likes because of its 5% yield and which has a 1.2 short ratio.

Another heavily shorted Nasdaq stock is Columbia Sportswear Company (COLM) with a short ratio of 24.4. Back in September, it was referred to as a “silver-lining stock” in a video with TheStreet.com TV’s Debra Borchardt and Alix Steel. Columbia has a P/E ratio of 8 and a PEG ratio of 1.14. It pays a yield of 2%.

Columbia Sportswear appears in the Stockpickr portfolio called Oregon Stocks. Other Oregon-based stocks include Nike (NKE), one of the top-searched stocks on TheStreet.com, with a short ratio of 3.0; Precision Castparts (PCP) with a short ratio of 0.6; and FLIR Systems (FLIR) with a 7.5 ratio.

Gmarket (GMKT) is a Nasdaq stock with an extremely high short ratio of 42.1. This South Korea-based e-commerce marketplace had its rating reduced from a Hold to a Sell by TheStreet.com Ratings. The stock has a P/E ratio of 21 and a PEG ratio of 0.69.

See the complete list of the top Nasdaq short-squeeze plays for December right here on Stockpickr.