One could argue that the U.S. equity market is getting a little frothy at current levels and that bullish sentiment is getting ahead of the fundamentals. The preponderance of the evidence, however, seems to suggest that this may continue for some time. If it does, it may be time to take some shots with high risk/high reward speculative stocks.

One of these names is recent Chinese IPO E-Commerce China Dangdang (DANG), which has been promoted as the "Amazon.com of China."

Shares of book retailer Borders Group Inc. (NYSE: BGP) traded down 4.72% today as the company reported less than stellar earnings. The company lost 61 cents per share, compared to 31 cents in the same quarter last year. Same-store sales at the flagship Borders superstores declined 1.9%.

As I wrote in March, I don't really understand the company's strategy. They slashed their customer rewards program, making their books even more overpriced compared to online bookstores like Amazon.com (NYSE: AMZN). That move has done little inspire customer loyalty, and it's actually hilarious going into a Borders stores and watching the hapless clerk try to explain to a confused customer how the new program really isn't that terrible -- even though it is: