It’s not hard to find a hot stock this week, as the market’s rising tide is lifting all boats. Only a handful of small cap stocks have really started to take flight the way Alexza Pharmaceuticals, Inc. (NASDAQ: ALXA), Spreadtrum Communications, Inc. (ADR) (NASDAQ: SPRD), and Mad Catz Interactive, Inc. (USA) (AMEX: MCZ) have though. Here’s a closer – and follow-up – look at what’s working so well for each of them.

On Tuesday, the 28th, I specifically mentioned that Spreadtrum Communications had done a wonderful job at rebounding off its deep low of $8.59, and had made its way back to the $13.00 area (near the high) after putting up a ton of volume on the way down from the open of $13.17, and then even more volume on the way back up to the close of $12.49. Simply put, it was a wipeout/capitulation day for SPRD, with a resulting hammer-shaped reversal.

Well, since then, SPRD has gained 24%, making good on the reversal bar. Given the depth/height of that bar though, the rally may not be over. Spreadtrum Communications may be gunning at least for the 50/200 day moving average lines at $17.81, and frankly, I see the Full Monty in the works here for this small cap stock… a return back to April’s highs in the lower $20’s. First things first though.

The last time I looked at small cap Mad Catz Interactive was on the 20th (two Mondays ago), after MCZ shares had been hammered post-earnings. You may recall I was bearish on the stock going into earnings, and pretty much got bashed and flamed for the opinion. So, bluntly, I found some comfort in the tumble from $1.80 (I went bearish at $1.59, on the 15th, before earnings) to the low of $1.28.

More important though, I posted a bullish outlook on the 20th, suggesting that the harsh pullback was all but over for MCZ. Though the subsequent move to today’s price of $1.44 is a 12% gain, the recovery effort seems to be accelerating now….. with plenty of meat left on the bone. The missing link to more upside for Mad Catz Interactive so far is volume, but it’s brewing. If the 20-day line at $1.51 can be hurdled, that should draw the needed crowd.

Finally, another one of the better-performing small cap stocks on the board today is Alexza Pharmaceuticals. And yes, if it rings a bell it may be because I’ve also suggested it of late as a trading idea. It was back on June 3rd to be precise, after ALXA popped across its 200-day moving average line. Though I was confident we’d see a pullback after the big runup (which we did), and the grand scheme of things, the bulk of the burden had been lifted.

As of today, ALXA has not only completely shrugged off the dip in mid-June, it’s actually topping the highs reach back on the breakout day of the 3rd. The support line/prompt did indeed end up being the $1.50 area, where a bunch of moving averages have converged. The kicker is the way buying volume is picking up again for Alexza Pharmaceuticals with this week’s progress.

To learn more about, comment on, or see my previous comments on these small cap stocks, just click on the linked tickers at the top of the story.

By the way, I saw the breakout from Alexza Pharmaceuticals coming a long time ago. My premium service – the Rhino Report – utilizes a system to find great long-term breakout ideas from the small cap world. I’m finding budding ideas long before the market does, and giving subscribers a chance to get in early and let other investors bed those stocks up. ADLR, TRAD, GGC, and RTI are some of my recent (2011) quick-gainers. Check it out.