See my prior post here discussing the mattress concept.

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[youtube:http://www.youtube.com/watch?v=5qm8PH4xAss 550 412] ___________________________

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In the midst of last week’s carnage, the oil and gas pipeline plays displayed notable relative strength. Upon any broad market tradable bounce, these types of stocks are bound to outperform on the way up too. Below, you will find several of the best charts in that industry. Members of The PPT and 12631 can click here to see the full list.

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In my video market recap on Friday, I discussed the concept of viewing major support zones as mattresses, rather than placing an entire bull or bear thesis on one specific print as though it were a New York City concrete sidewalk. Indeed, the senior indices, as well as many individual issues, may very well lean into their respective mattresses come Monday, but that does not necessarily mean that all is lost and a new bear is upon us. Despite sentiment becoming understandably negative after six consecutive weeks lower, the high probability play is to take a stand early next week and buy any further weakness for a short/intermediate-term trade. After all, we are still dealing with rising 200 day moving averages across the board (indicative of a continued cyclical bull), and a virtual straight line down is highly likely to see smart money bears covering their shorts either this past Friday or first thing Monday morning.

Thus, it makes sense to take a look at a few examples of charts that are leaning into their respective “mattresses” of major support.

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