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The Top Rocket Stocks for This Week

Boeing and SanDisk could move higher.

"Never, never, never, never give up" is one of my favorite Winston Churchill quotes.

Last week was one of the most volatile weeks in market history. On Monday, the market did hardly anything but finished up 50 points. Tuesday through Thursday, however, the market was down some 400 points, with the volatility index, more commonly know as the VIX, spiking over 30%.

In general, when the VIX moves more than 20%, it is time to buy. Such moves have happened only 10 times since 1997, with the market responding higher in nine of those 10 cases. And on Friday, the

Federal Reserve

cut its key discount rates a half percentage point, sending the market up 230 points.

Discipline is key when you search for stocks, and that is why I love to look at stocks on or near there 52-week lows. I also love to look at stocks that appear ready for a snapback rally in any market condition. I have been doing this for years, and you will be amazed at what stocks make the list.

This week's portfolio --

Rocket Stocks for the Week of August 20th-August 24th

-- focuses on stocks that are poised to snap back. With any hope, it will offer some good short-term stocks to trade on the possibility of a snapback rally.

Before we get to this week's list, however, allow me to quickly review and rate last week's picks.

AIG

(AIG) - Get American International Group, Inc. Report

was up 1% for the week as the bank sector rallied.

Grade: B

EMC

(EMC)

was down 2% for the week despite

VMware's

(VMW) - Get VMware, Inc. Class A Report

IPO. I believe EMC can go to $25 by year's end.

Grade: C-

Hewlett-Packard

(HPQ) - Get HP Inc. (HPQ) Report

was down 2% even though it reported amazing earnings. I believe it can hit $55 in this environment.

Grade: C-

Research In Motion

(RIMM)

was up 3% for the week; BlackBerry devicess are here to stay. RIM still has incredible growth ahead.

Grade: B

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

was down 3% for the week on no real news.

Grade: D

NYSE Euronext

(NYX)

was down 5% for the week; I believe NYX is one of the cheapest stocks in the whole market.

Grade: C-

Baidu

(BIDU) - Get Baidu, Inc. Sponsored ADR Class A Report

was down 7% for the week and is near its pre-earnings level. Baidu has amazing growth, and the shorts have been laying on it hard.

Grade: D-

Boeing

(BA) - Get Boeing Company Report

was up 2% since I talked about it. With contracts locked in for seven years, Boeing is still a buy.

Grade: B

Transocean

(RIG) - Get Transocean Ltd. Report

was down 3% since I talked about it; the merger between Transocean and

GlobalSantaFe

(GSF)

makes this name one worth holding.

Grade: C-

TheStreet Recommends

F5 Networks

(FFIV) - Get F5 Networks, Inc. Report

was up 7% in my midweek update. I am very bullish on this stock as growth investors are swapping out of F5 and into

Akamai

(AKAM) - Get Akamai Technologies, Inc. Report

, which may be dying.

Now on to this week's list.

First up is Boeing. Its stock is trading in the mid-$90s, which is totally insane. As mentioned above, the jetmaker is back-ordered for the next seven years, which means if you place an order for a plane today, you will have to wait that long until you see that plane. With

Airbus

failing, Boeing basically has a monopoly in the aerospace sector.

I believe a lot in fundamental analysis and key statistics, which help quantify risk/rewards with a company's stock in such turbulent times. Right now Boeing has revenue of $85 per share, but I believe that could be as high as $90 when the company reports its next quarterly earnings. With Boeing's stock 10% down from its high even after such a strong quarter, it's a buy.

Next up is

Bank of America

(BAC) - Get Bank of America Corp Report

. With the market down some 12%, we are going to see people swap out of their Treasury notes, which yield 3%, and into best-of-breed stocks that provide high dividends.

Bank of America offers a dividend of 5.3%, and since it's a stock, its upside is unlimited. For the more conservative investor, Bank of America is a great way to enter back into the market -- sit there, collect your 5.3% and wait for the market to snap back.

Finally, there's

SanDisk

(SNDK)

. After reporting monster earnings a few weeks ago, the technology is down $7 from its high. With tons of cash on hand as well as no subprime-mortgage issues to contend with, SanDisk could be ready to snap back.

Some of the other names that make it on this week's Rocket Stocks list are

Nymex

(NMX)

,

EMC

(EMC)

,

Freeport-McMoRan

(FCX) - Get Freeport-McMoRan, Inc. (FCX) Report

and

ConocoPhillips

(COP) - Get ConocoPhillips Report

. For these and more stocks that offer snapback potential, check out the

Rocket Stocks for the Week of August 20th-August 24th

portfolio on Stockpickr.com.

To find the snapbacks and potential breakouts on a regular basis, check out these Stockpickr portfolios, which I use in my own research each week:

  • Today's Hot List: This daily list is a must-view at midday each day to see what stocks are making the biggest moves and why.
  • Always check the Biggest % Losers, a list of stocks that lost big the day before, because they can snap back hard. When you check this list on Stockpickr, you can see which stocks are owned by the quality hedge funds and mutual funds. Pay attention to those. They will be buying at the lower prices, so you should be also.
  • Biotech Short Squeezes.

One final place to frequent is the

Answers

section on Stockpickr, where ideas such as those presented in this article are thrown around daily.

At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.

James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs a fund of hedge funds. He is also a weekly columnist for

The Financial Times

and the author of

Trade Like a Hedge Fund

,

Trade Like Warren Buffett

and

SuperCa$h

. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback;

click here

to send him an email.

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