Top Rocket Stocks for Week of April 21

Updated from 6:59 a.m. EDT

This week's Rocket Stock portfolio features various momentum stocks that have easy triggers in this volatile market.

The key to choosing rocket stocks, which happen to be ideal for a stock-picking contest like TheStreet.com's Beat the Street, is to find high-beta stocks with potential catalysts in their future.

Before we turn to to this week's Rocket Stocks portfolio, let's take a look at how last's week picks fared.

• Insteel Industries (IIIN Quote): Up 15.7% on the week.
• CSX (CSX Quote): Up 8.7% on the week.
• Goldman Sachs (GS Quote): Up 8.1% on the week.
• Cypress Semiconductor (CY Quote): Up 7.3% on the week.
• Joe's Jeans (JOEZ Quote): Up 3.8%.
• Tesoro (TSO Quote): Up 3.2% on the week.
• Cubist Pharmaceuticals (CBST Quote): Flat on the week.
• Forest Labs (FRX Quote): Down 10% on the week on lowered 2009 revenue guidance.
• China GrenTech (GRRF Quote): Down 10.6% on the week.
• MannKind (MNKD Quote): Down 18% on the week.

Now, let's look at a few picks from this week's Rocket Stock portfolio.

Making this week's list is International Coal (ICO Quote), a stock that appears to be breaking out of its former resistance levels and could rocket higher in the coming week.

West Virginia-based International Coal is a large producer of metallurgic coking coal, which is used as a reducing agent in smelting iron ore and is an essential element in the manufacturing of steel. With the whole steel sector on fire, it is only natural to assume that International Coal is seeing increased orders.

The company, a member of our Stockpickr's Top Steel Stocks portfolio, has increased metallurgical production from 100,000 tons in 2006 to 2 million tons in 2008. And forecasts show that by 2010 the company will produce 2.6 million tons.

Year over year, its international pre-metric ton prices have increased substantially. In fact, its largest international consumers such as India, China and Russia are having massive coal shortages, which are forcing sharp increases in imports. With 94% of its 2008 orders committed, these additional orders will definitely boost future revenue.

International Coal is also an indirect play off the rallying natural gas prices as well. As natural gas rallies, increased pressure is put on coal-fired electrical generating plants to help increase electrical output.

The company is scheduled to report first-quarter earnings after Wednesday's market close. Its shares have lagged the coal sector overall since its initial public offering two years ago and, with a 15% short position, could see a nice move up.