Our defensive strategy for last week's Rocket Stocks portfolio worked perfectly on Monday, as the broad indexes fell by 6% to 8% in a single day.

For short-term traders, this market is still guilty until proven innocent, meaning you buy extreme weakness and sell extreme strength.

Here is a brief wrap-up of our three ideas for last week fared.

Long Del Monte Foods ( DLM): Del Monte ended the week up around 15% after reporting second-quarter earnings of 14 cents a share on revenue of $901 million. Del Monte's EPS beat analyst estimates by 2 cents, with revenue coming directly in line with forecasts. The company also raised its 2009 earnings guidance to 58 cents to 62 cents a share from 57 cents a share.

Long Female Health ( FMW): Female Health ended the week up around 20% after net revenues increased 52% to $7.8 million, compared with $5.2 million in the quarter ended Sept. 30, 2007. Gross profit increased 73% to $3.5 million, or 44.8% of net revenues, in the most recent quarter, compared with $2 million, or 39.3% of net revenues, in the fourth quarter of 2007.

Short Allegiant Travel Company ( ALGT - Get Report): Allegiant ended the week down 12%. Investors are finally coming to their senses regarding the firm's growth rate and various valuation metrics. While the company does benefit from lower fuel prices, Allegiant's business model is in the wrong spot at the wrong time

Here are a few ideas from this week's Rocket Stocks portfolio that you want to keep an eye on.

To read more, visit 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.

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