OTM's Look At Contest Strategies

Hey folks--need a strategy session for the contest? CNBC's "On The Money" had two great guests Friday night to offer their best advice--one even wrote the book on winning the challenge.

James Altucher is CEO of Stockpickr.com and a fellow blogger. He says the contest is a sprint--not a marathon. Look for beaten down--low priced stocks.

As I said, Jeff Mishlove wrotethe book--or at least THE handbook on the Million Dollar Portfolio Challenge. Like Altucher it's low priced stocks for Mishlove. He calls it the 'short squeeze' --in other words--stocks that people are betting will go down. If there's a little bit of good news, the short buyers have to buy and that could cause a big upward movement--according to Mishlove.

Interesting to note--Mishlove says the stocks he'd buy if playing the contest, are stocks he'd buy for real. Altucher says he wouldn't personally buy the stocks he's recommending for contestant player--too much risk.

The two men do give a stock pick or two for the coming week. Altucher likes Accredited Home Lenders since he says everyone seems to be bailing out of the lending market with so much suprime issues. Mishlove said he likes Jo Anne Stores and Goodrich Petroleum .