This Week's Rocket Stocks Update

Each week, Stockpickr lists 10 stocks that may move substantially higher in the coming week, which we call "Rocket Stocks." The goal of this portfolio is not necessarily to find the best stocks for the next century, but rather stocks that can either snap back because of an irrational selloff last week, or have some other potential catalyst that can create potentially explosive moves during the coming week.

This week, we focused on stocks that where reporting earnings, and stocks that where ripe for a snapback.

We also updated the portfolio to include Goldman Sachs(GS), which looks like it put in a bottom, as well as Microvision(MVIS), which is down after reporting great earnings as well as signing a contract with Motorola(MOT).

The goal with rocket stocks during earnings season is to find the stocks that have the best potential for crushing earnings and trading up. Cisco(CSCO) reported earnings last night, and the market reacted favorably. Shares of CSCO were up 6% in after-hours trading to $31.40 a share. Cisco has been the face of this rally -- the stock has risen more then 70% from last year's bottom -- so it was a bit risky to recommend; but Cisco offered too much upside to investors.

Quarterly revenue rose 18% to $9.4 billion, beating even the most bullish Wall Street forecast of $9.275 billion and CEO Chambers' own estimate made in May of revenue growth of 15% to 16%. Increased demand of its network equipment and routers makes this stock still attractive, but this was an earnings trade, so please take profits if you took an earnings trade.