After a historic run in the equities market two weeks ago, the enviable pullback ensued, sending the stock market down about 10% in two days.

That doesn't mean we're without opportunity. With this in mind, we've found some solid earnings and snapback companies for this week’s Rocket Stocks portfolio.

First up is Stec (STEC), the leading producer of solid state drives, which reports earnings on Monday. I am looking for a snapback earnings surprise, which could send shares north of $6 by Tuesday

Here is what I see: Stec, which has exclusive rights to produce solid state drives for Apple (AAPL), EMC (EMC) and VMware (VMW), is basically flat on a year-over-year basis, but it's down more than 70% from its June high of $14 per share. On Oct. 6, management raised guidance for the third time in a row, saying that it sees third-quarter results at the "high end" of its already raised guidance. Stec also said that it saw strong performance in its business storage and ultra-mobile personal computing markets.

On Oct. 27, Stec won the prestigious Robobak labs award for superior SSD technology, thus ensuring reliable and rapid response for companies needing to back up and restore corporate-critical data to servers and computers.  Stec management further stated that "ROBOBAK's certification of our solid state drives makes it possible for companies of all sizes to use STEC products with the full confidence of maximum dependability and minimum hassle."

Selling at eight times forward earnings, with $65 million in cash, zero debt and revenue already north of $200 million dollars, makes Stec, the top-tier leader in SSD technology, a great risk/reward play ahead of the quarter. Stec also has a mammoth short position of 35% weighing on its float, which could serve as fuel on the fire as the shorts scramble to cover at higher prices at the slightest piece of good news.

Also take a look at Foster Wheeler (FWLT), which is now trading at just 6 times expected 2009 earnings, reported a decent quarter, with EBITDA of almost 20% and expectations to earn $3.75 in 2008. That said, shares of Foster Wheeler were down about 25% alone last week, creating a great snapback trade. A big plus is that management said that it's hardly seeing any backlog cancellations (it has a $7 billion backlog) and still has $420 million left on its $750 million stock buyback.

Keep an eye on Gushan (GU), too, a $3 stock with $2 in cash and zero debt. It reports earnings on Nov. 12 and should surprise to the upside, with lower commodities prices likely to help input costs in the current quarter. Right now, Gushan is on track to earn $1 this year and possibly $1.50 in 2009, which would mean that Gushan is trading with a forward P/E of 2.

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:

Always check the Biggest Percentage 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. The funds will be buying at the lower prices and likely supporting the stock.

Ditto for the 52-week-low list. You must check the above two lists every day if you hope to find volatile stocks that can snap back

Biotech Short Squeezes: Dendreon and others can often be found in this category.Stocks Rising on Unusual Volume: These are potential breakout plays.

Stockpickr's System Trades of the Day: These are trades triggering that day in various back-tested trading systems we've developed.

Stocks With Unusual Options Activity: Perhaps someone knows something?

Latest Activist Situations: These are stocks that hedge funds are accumulating shares of and demanding change in. Believe me, these hedge funds piggyback each other. And once they start rocking the boat, things happen quickly. This should be on the must-view list.

One final place to frequent is the Answers section on Stockpickr, where ideas such as those presented in this article are thrown around daily. And you can further discuss your ideas and share opinions in Stockpickr's Member Forums section.

By James Altucher

At the time of publication, Altucher owned Foster Wheeler.

Posted on Nov. 9, 2008