Unless you have backed yourself into a corner with a perma-anything thesis, it is a good idea to respect the downside rejection that occurred on Monday afternoon. When looking for trading setups, the idea is to hone in on those stocks who have weathered this volatile market over the past few months, including a crash (for all intents and purposes).
I discussed the stunning relative strength in REXX last week, and it continues to consolidate its major breakout very well. Today, I was also impressed with the breakout in MXIM from month-long resistance. Note how in both cases the price action illustrates that prior resistance is turning into current support. If the bulls are for real this time, these types of setups are where I want to put my money.