Each week I write a Rocket Stocks column in which I try to identify stocks that could move much higher in the coming week no matter how the market does. This week I highlighted stocks that were set to report earnings, and boy has that paid off.

I recommended Apple ( AAPL) as an earnings play. That stock is now up roughly 10% in two days. I would take profits. Even though Mac sales were great, this was a trade, so let's move on.

I also recommended Amazon ( AMZN), which is set to report after the close today. This stock is already up 8% ahead of the report and with a massive short position. For that reason, I would sell half of my position. While I still believe that the online retailer will beat earnings handily, the risk vs. reward just is not there with the stock up 8%.

I also recommended Level 3 ( LVLT), which was a horrible call that I should not have made. The stock is down about $1, or more than 20%, since Monday's earnings report, and there may be more pain ahead for investors.

This weekly update also includes a new pick, Rackable Systems ( RACK), which reports earnings on Thursday and has seen heavy call volume trading, particularly in the November $15 calls. This action triggered on our Stockpickr options screen. Clearly, investors are making a very risky but potentially very profitable trade on RACK as they think earnings are going to be great.

Just in case you missed this week's portfolio, check out the Rocket Stocks for the Week of Oct. 22-26 at Stockpickr.com.

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.

TheStreet.com has a revenue-sharing relationship with Trader's Library under which it receives a portion of the revenue from purchases by customers directed there from TheStreet.com.

More from Stocks

12 Stocks That Make Up the GLUM Index

12 Stocks That Make Up the GLUM Index

REPLAY: Jim Cramer on Tariff Worries, Oil, Alphabet and Centene

REPLAY: Jim Cramer on Tariff Worries, Oil, Alphabet and Centene

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

Here's Why Snap Shares Climbed Monday

Here's Why Snap Shares Climbed Monday