Beta For A Dip?

It's amazing how fast the tide turns and the noise on the blogosphere shifts from bullish to bearish when the chart yields a rare long red candle. Understandably, you have to stay on your toes. Current market sentiment does argue the need for a reversal, but since I rely on a mechanical system that is calling this a minor dip on the road to more upside, I have no choice but to crank up the betalator and search for a few volatile gems that would fit into a buy the dip, swing trading scenario.

Using the usual criteria of current price between $5 and $20, volume > 1,000,000, and a beta of greater than 3, here's what popped up after I visually filtered the 22 stocks down to seven based on past performance and a healthy looking three and five month upward slope...

Sunrise Senior Living, (SRZ), Medical, Beta:4.99
Pier One Imports, (PIR), Retail, Beta:4.72
Dana Corp., (DAN), Auto, Beta:4.20
MGM Resorts, (MGM), Leisure and Rec., Beta:3.91
Newcastle Investment, (NCT), Reit, Beta:3.54
Boise Inc., (BZ), Consumer Goods, Beta:3.38
Rediff Com., (REDF), Internet, Beta:3.05

Keep in mind that high beta stocks rise and fall dramatically, but if one of the market's long red candles morph into something that resembles a doji of the hammer or dragonfly sort, I'll be buying a betalator pick on the cheap.