Updated from 9:28 a.m. EDT
Each week I like to find beaten-up stocks -- such as
-- 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.
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
, which rallied 13% in a single day, after auto sales dropped by 16%! Or
Family Dollar Stores
, which jumped 15% on earnings.
International Coal Group
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
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
and the author of
Trade Like a Hedge Fund
Trade Like Warren Buffett
. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback;
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