5 Rocket Stocks to Buy After Friday's Bounce

BALTIMORE (Stockpickr) -- Mr. Market bounced hard on Friday, the S&P 500 rallying 1.65% as buyers flooded back into stocks. The buying power was enough to put the S&P at a gain for the week --- but just barely.

So now that the buyers have asserted themselves, should you be a buyer here?

My answer is "yes," but with a caveat. First of all, Friday's bounce happened on no news. But there was still some major significance for the move: it coincided with the trendline support level that's been in place since the start of June. Since that near-term bottom, the S&P has climbed a very impressive 6.16%, carving out a well defined bottom in the big index. That makes the buying end of the market look pretty attractive right now.

>>5 Stocks Poised for Breakouts

Of course, I mentioned there was a caveat. This week, it's earnings season. A flood of fundamental data is slated to hit Wall Street this week, with close to a hundred S&P 500 components releasing their quarterly numbers to investors between now and Friday. That flow of data is going to have a big impact on investors' willingness to keep buying in July. So far, earnings have been skewed slightly positive; if that pace can keep up, investors should expect more upward momentum this week.

For that reason, we're turning to a new set of Rocket Stock names this week.

For the uninitiated, "Rocket Stocks" are our list of companies with short-term gain catalysts and longer-term growth potential. To find them, I run a weekly quantitative screen that seeks out stocks with a combination of analyst upgrades and positive earnings surprises to identify rising analyst expectations, a bullish signal for stocks in any market. After all, where analysts' expectations are increasing, institutional cash often follows.

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In the last 159 weeks, our weekly list of five plays has outperformed the S&P 500 by 80.29%.

With that, here's a look at this week's Rocket Stocks.

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