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Week 1: CNBC Million Dollar Contest Portfolio Update

Please note that in no way should the following be considered investment advice and that the author in real life, as per our full disclosure policy, does not have a position in any of the companies mentioned.

The first week of the CNBC Million Dollar Portfolio Challenge is nearly coming to an end. We’ve gotten off to a pretty good start, cracking the top 1% with a portfolio rank of 3027 on a return of 9.5% thanks to a couple of winners; Solarfun Power (SOLF) and E-Trade Financial (ETFC). We purchased Solarfun Power at $14.94 on the belief that it was heading towards a technical breakout above 200 day moving average resistance at $15.32 and because of its nature as a pure solar momentum play given the 15.2 million share short position that is quite substantial on a percentage basis of the overall publicly traded float which is just 43.5 million. Based on yesterday’s close of $18.47, the stock is up 23.7%, though we would be skeptical of how much longer the upswing might last and would be looking to lock in profits. The thesis for our E-Trade Financial buy at $4.00 is based on the fact that it’s a sleeper turnaround stock that has been for the most part overlooked, even after improved quarterly results in April that signified a turnaround in progress. Yesterday, the company reported daily average revenue trades that were up 5.8%. So far this week, E-Trade shares have appreciated 9%.

With cash to spare, here are a few companies that we have on our watch list and may potentially own soon;

Washington Mutual (WM) - Hovering near a 52-week low at $10.32, this is definitely a contrarian call. Yesterday’s 5.5% rise could be the start of a bounce after WaMu President Rotella told a crowd at a UBS financial services conference that the company has about $50 billion in “highly reliable” excess liquidity.

True Religion Apparel (TRLG) - On Tuesday, the chief executive of the jeans maker sold 3.2 million shares of common stock at $21.14 for estate planning purposes and to cover a divorce settlement. If there’s anything positive about that news item it’s that the market absorbed those shares and the stock has actually managed to gain ground since then. It could be on the move again with decent fundies, and 10.34 million shares short, more than half of the 17.57 million share float. A shout out goes to Tim Sykes, a fellow financial blogger and occasional CNBC guest, for a heads up on this one.

Circuit City (CC) – Could be a dead money dog, or not. In April, Blockbuster offered between $6 and $8 per share for the consumer electronics company which represents a decent-sized if not hefty premium still on the table of between 16% and 54% over the current stock price. Any development that would indicate Circuit City becoming more engaged with the offer could send the stock up 10% to 20% in a hurry.

Readers, it’s your time to chime in. What stocks are you holding and/or watching for the CNBC Million Dollar Portfolio Challenge?

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It's that time of year again. CNBC's Million Dollar Portfolio Challenge will be getting underway on Monday, May 12. The tournament is similar in fashion to last year; each contestant receives 1 million CNBC Bucks and can trade stocks with a minimum market cap of $500 million. In addition to 10 pretty cool weekly prizes, there is a grand prize of $500,000 to the lucky contestant who finishes with the highest portfolio return. The only twist to the tournament is that currency trading is now allowed.

We'll be doing a number of things this time around to help with your trading success and so you can have better shot at winning the tournament. Follow the links below to learn more, and good luck!