By James Altucher
Updated at 10:05 a.m. EDT on March 17 from March 16, 2009

The inevitable snapback rally finally occurred last week, sending the S&P 500 up more than 8% for the week.

We saw positive comments from Citigroup (C), Bank of America (BAC) and JPMorgan (JPM) regarding the profitability of each firm for the first two months of the year, albeit excluding any potential asset writedowns they might have to take. The SEC announced it might reinstate the uptick rule, and the FASB has pledged to release guidelines for the potential easing of mark-to-market accounting rules.

All of this was more than enough to get the market moving higher.

At Stockpickr, we look for stocks every week that could snap back in the coming days.

Let’s look back and see how last week’s Rocket Stock ideas fared.

STEC (STEC) finished the week up 25% after reporting revenue for the fourth quarter of 2008 was $56.9 million, an increase of 7.4% from the $53 million earned in the fourth-quarter of 2007. Full-year 2008 revenue was $227.4 million, an increase of 20.5% from the $188.7 million earned in 2007. Additionally, STEC gave a rather rosy outlook for the latter half of 2009.

NPS Pharmaceuticals (NPSP) finished the week up 10% after surging 18% on Friday as the company reported strong 2008 results and phase III registration studies for two of its product candidates. During the company’s conference call, CEO Francois Nader said: “During 2008, NPS made great strides advancing our clinical programs and creating shareholder value.”

AeroVironment (AVAV) was a recommended short last week, so finishing the week down 30% is actually a good thing! AeroVironment tanked as the company cut its revenue growth to only 11% to 16% for full-year 2009, implying revenue of $239.4 million to $250.1 million. Back in June, AeroVironment predicted 2009 revenue growth of 20% to 25%, implying revenue of $258.9 million to $270.2 million. Wall-Street hates to be duped, and by predicting higher-than-expected revenue growth AeroVironment did just that.

Here are some ideas appearing in this week’s Rocket Stocks portfolio.

Adobe (ADBE), long ahead of earnings: Adobe has basically preannounced a better-than-expected first quarter with sales of $783 million to $786 million. The company projected adjusted earnings of 44 cents to 45 cents per share, which is above the average Wall Street estimate of 42 cents.

In Tuesday morning trading, Adobe was flat at $18.45 after falling 24 cents on Monday.

Palm (PALM): Rumors flying around of a possible Dell (DELL) joint venture or even merger have propelled shares of Palm substantially higher. Any update regarding its new touch screen phone could send its shares past $10.

On Tuesday morning, Palm was trading down 3 cents, or 0.4%, at $7.70 after falling 57 cents on Monday.

3Com (COMS): The stock moved 20% higher intraday when it last reported earnings. Last year, private-equity firm Bain Capital and Chinese-based Huawei Technologies proposed a $2.2 billion deal, which was rejected by the U.S government over concerns that sensitive military technology could be compromised by the Chinese government. The market has totally forgotten that on Aug. 5, 3Com raised its forecast for the fiscal first quarter to $335 million to $340 million, compared with the previous estimate of $325 million to $330 million. The company also expects its non-GAAP earnings per share to be in the range of 6 cents to 8 cents, compared with the prior view of 3 cents to 5 cents. 3Com seems like a good risk/reward trade ahead of the quarter.

In Tuesday morning trading, 3Com was down 5 cents, or 2.1%, at $2.38, after closing down 23 cents on Monday.

This week’s Rocket Stocks portfolio also includes bullish trades Canadian Solar (CSIQ) and Oracle (ORCL).

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, research 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

Stocks Rising on Unusual Volume: These are potential breakout plays.

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.

At the time of publication, Altucher had no positions in stocks mentioned.

Who’s on Stockpickr Answers? http://www.thestreet.com/search/result.html?topicSearch=Eric+Jackson " target="_blank">Eric Jackson will be on Stockpickr Answers on March 16 to respond to investing and trading questions posed by members of the Stockpickr community. Not a member? Join the Stockpickr community today -- free.

P.S. Where is Jim Cramer putting his own money? Take a free peek at his personal portfolio to see all his buys and sells by clicking here. When you do, Jim will also send you exclusive email alerts telling you everything he’s about to add to or shed from his Action Alerts PLUS portfolio -- before he makes his trade.