Top Rocket Stocks for the Week of Oct. 1
This weekly Rocket Stocks column and portfolio is meant to generate ideas for momentum traders looking to profit from short-term market catalysts and exploit stock-specific news.
As the third quarter ended last week, portfolio managers marked up their assets to increase performance; as a result, stock names such as Apple (AAPL), Research In Motion (RIMM) and others had big moves. However, statistically speaking, buying into that rally has been a losing proposition.
Thus, I positioned this week's Rocket Stocks portfolio to be as market-independent as possible. As I always say, of the roughly 8,000 public companies, at least 1,000 to 2,000 stocks will go up. It's our job to find those stocks.
But before I make any recommendations, let's take a quick look at how last week's picks panned out. (And you must check out The Good Life Blog Watch and learn how to spot a fake Rolex, find the ideal vending machines, and more.)
- EMC (EMC), as I said in my midweek update, I would have sold for a 4% gain Tuesday.
- Circuit City (CC), ended the week down 8.8%.
- Optium (OPTM), up as much as 8.5%, and ended the week up 5.5%.
- E*Trade (ETFC), ended the week down 3.3%.
- Downey Financial (DSL), down 4.8% for the week.
- Yamana Gold (AUY), down 6% for the week.
- NYSE Euronext (NYX), a midweek sell when up some 4%.
- Apple (AAPL), a midweek sell when up 2%; however, the stock ended the week up 4.6%.
- Urologix (ULGX), up as much as 4.7% but ended the week down 3.6%.
- Cabot (CBT) ended the week down 10%.
- Cree (CREE) (a midweek addition), up as much as 11% but ended the week up only 2.6%.
- ValueClick (VCLK)(a midweek addition), up as much as 9.5% but ended the week down 3%.
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