Top Rocket Stocks for the Week - TheStreet

Updated from 9:28 a.m. EDT

Each week I like to find beaten-up stocks -- such as

Nvidia

(NVDA) - Get Report

or

Sprint

(S) - Get Report

-- that I believe have the potential to snap back in the coming days because of a specific catalyst that could play out. I especially like it when these stocks with near-term growth potential also qualify as solid long-term plays. And with the market down huge, there are plenty of short-term opportunities out there.

Despite the

Dow Jones

falling about 3% last week, various credit indicators, such as TED spreads and low bid/cover ratios, keep on improving.

With short interest at record levels and the bull/bear index at the lowest level in years, even the smallest "spark" or piece of good news could send stocks off to the races. Just look at shares of

General Motors

(GM) - Get Report

, which rallied 13% in a single day, after auto sales dropped by 16%! Or

Family Dollar Stores

(FDO)

, which jumped 15% on earnings.

This week's

Rocket Stocks portfolio

includes

International Coal Group

( ICO),

Eastman Chemical

(EMN) - Get Report

and

Olympic Steel

(ZEUS) - Get Report

.

For the rest of this story, including analysis on each rocket stock, please click here.

At the time of publication, Altucher and/or his fund was long Nvidia, 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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