Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

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The weekly chart of Netflix, below, shows a broken steep multi-year uptrend.

Today is only the first day a “shocking disequilibrium” in the stock, where there is a major re-pricing in terms of institutional selling.

Typically, it is best to wait at least several days before attempting a short-term reversion rally trade, if at all.

Longer-term, the stock has broken steep trend and, as a major leader in this market, is in trouble.

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We saw another gap down this morning, with dip-buyers giving it a try for a red-to-green reversal as we speak.

Small caps are outperforming again, albeit still in the red. And Netflix is getting just as decimated as it was last night.

I am still sitting in just about all cash, with no equity longs or shorts. If bulls lose they grip on the bounce today I may make a move with a cowboy short or two, pressing for a crash.

Otherwise, we have a sloppy bounce attempt on our hands where cash and patience are kings.

Stay cool and don’t let this market put you on tilt.

If you are looking for some (quick) support buys here, a good algorithm screen to have, courtesy of The PPT, is one I made called “12631 Quick Bounce Plays.”

In the screen, I am looking to isolate stocks with positive daily Hybrid PPT scores, but negative weekly ones.

Thus, they are ripe for a quick bounce as the momentum seems to be turning, if only for a bit. I also screen for PPT Relative Strength scores, as well as volume and % from 50 day moving average.

Members please click here to view and save the screen

Here are the readings as of Wednesday’s close. Remember, we are talking about short-term flips here, not high quality, multi-week swings. Keep those stop-losses in place.

(Click on image to enlarge)

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For you night owls out there, feel free to drop me any market/trading-related topics you would like me to cover in a weekend video.

In addition, anything else about the current market, feel free to drop below.

Speak your mind, night owls.

With futures pointing to a bounce, it will be interesting to see if bulls can finally pull off the snapback rally which many have been anticipating for weeks now.

Should the S&P 500 Index lose the midpoint of Wednesday’s range, though, below 1847 or so, I expect to see another round of panicky selling as dip-buyers find themselves trapped. If that does not happen, I assume we are in bounce-back mode for a few days before I will consider fresh short entries.

A few stocks which held up well during the correction: AGIO ALNY PANW PCRX ZOES. 

Drop me your top tickers overnight.