The increasingly volatile stock market has forced CNBC's Jim Cramer to look for stocks that are most likely to rebound when the major averages take a hit, like they did early on Tuesday.
So, to help him seek out the best buys into weakness, the "Mad Money" host recruited the help of technician Marc Chaikin, the creator of key technical tools like the Chaikin volume indicator, the Chaikin Oscillator and the Chaikin Money Flow.
Chaikin, also the founder and CEO of Chaikin Analytics, pointed to one sub-sector that has been roaring for over six months: the refiners.
Shares of refinery companies have consistently been making new highs, so much so that Chaikin argued that they can withstand the market's surprise declines and are buys on any kind of pullback.
Still, Chaikin liked what he saw. He used three indicators: the Chaikin Money Flow tool, which tracks buying and selling pressure in a given stock; the Chaikin Relative Strength tool, which compares a stock's performance over the past six months with the ; and the Chaikin Power Gauge, which uses 20 different fundamental and technical data points to build a reading that's either very bearish (red) or very bullish (green).
For Chaikin to recommend a stock, all three indicators need to be showing bullish signs.
And "as far as Chaikin's concerned, this is a stock that has nearly everything going for it from a technical perspective," Cramer said.
In the stock of Marathon, all three indicators were flashing positive signs, even as the Chaikin Money Flow subsided when the selling started.
"In Chaikin's view, Marathon is a buy into this weakness," Cramer said. "Even with that not-so-hot quarter the company just reported, the Andeavor merger will turn Marathon into a powerhouse; the top refiner in this country. The selling here is very excessive."
Like Marathon Petroleum, all three of Chaikin's key indicators looked bullish, with the Chaikin Money Flow indicating institutional buying and the others showing relative strength.
"Now, if the price of crude keeps falling here, [Chaikin] also points out that EOG has a nice floor of support at around $110," Cramer said. "You might want to think about picking some up in a pullback."
"If you feel compelled to own an oil producer here, you could do a lot worse than EOG," he added.
In GE's daily chart, the technician noticed that the Chaikin Power Gauge turned bullish last week after staying neutral for roughly 18 months — a positive turn, if you ask Chaikin.
And while GE's relative strength is still week, the Chaikin Money Flow is showing signs of life, climbing to a flat level after months in negative territory.
Cramer said that a lot of the newfound bullishness hinged on GE's better than expected first-quarter earnings report.
"Based on the action in the chart, Chaikin wouldn't be surprised if this is the beginning of a longer term rebound," the "Mad Money" host said. "For over a year, GE was indeed an annuity short: money managers could bet against it with impunity. Now, Chaikin thinks the shorts have covered and the longs have started making their moves."
"Here's the bottom line: in a confusing and volatile market, it is good to have touchstones you can fall back on, something like the technicals that can help identify which stocks have a better chance of rebounding when the smoke clears," Cramer said.
"These charts, as interpreted by Marc Chaikin, suggest that Marathon Pete, EOG Resources, and General Electric ... are exactly the kind of stocks you might want to buy into the current weakness," he continued. "Personally, I think you're getting a real bargain in Marathon, and if it goes lower, you can pick up even more at a better price."