Some investors may remember Red Hat, Inc. (RHT) from its glory days of the tech run-up. The stock was one of those shooting stars that soared and eventually crashed. However, that was a long time ago and a look to the daily chart shows a bit more "stability" in the action.

Chart Courtesy of Thomson Financial

Here we see the rally off the March lows and the pullback to support near 22. That rally off the lows pushed RHT shares to a new annual high but it didn't bring an influx of optimism. To see what I mean, check out these two charts.

Short interest has been increasing and data collected by our Quantified Analysis group shows that 10% of the stock's float is now sold short. The put/call ratio has also moved higher and sits near its highest point of the last year. These indicators both suggest skepticism.

A look to the Street shows that analysts have relatively subdued opinions too. According to Zacks, only 5 of 13 analysts (38 percent) rank the stock with a "buy" rating.

While I would call all of this encouraging, there is a big wild card here - the company is scheduled to report earnings tonight. I am not personally a fan of trying to game what a company will report and how the market will then react to that news. Instead, I would rather wait to see how the report comes in. If the company can put some decent numbers there appears to be a good deal of sideline money that could eventually find its way into the stock.