Chaikin began by looking at the daily chart of Cramer-fave Marathon Petroleum, a U.S.-based, petroleum-focused spin-off of Marathon Oil.
Shares of Marathon Petroleum were clobbered after the company's slightly weaker than expected earnings results and news of its $23 billion acquisition of competitor Andeavor.
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 S&P 500's; 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."EOG Resources
The daily chart of independent oil and gas producer EOG Resources also fit Chaikin's criteria. In April, shares of EOG surged along with crude oil prices.
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.General Electric
One more dark horse fit Chaikin's "buy" trifecta: the stock of embattled industrial conglomerate General Electric.
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."Conclusions
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"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."