Enough with the utter madness in the market already!

Subprime this, Lehman Brothers (LEH) that, oil this, global recession that. Let me make this absolutely clear: I am sick and tired of the constantly repeating headlines in the marketplace.

Can we move on for once?

I liked the market as a whole last week, and I thought I would pick out a few stocks that have been absolutely annihilated and are poised perfectly for a substantial snapback rally. This week's Rocket Stocks portfolio is principally constructed with technology and commodity companies.

U.S. Steel (X): U.S. Steel has pulled back almost $100 given recent concerns regarding global growth and hedge fund liquidation. Two months ago, everyone loved this stock -- now everyone seems to hate it. U.S. Steel produces around 29 million tons per year of steel and steel-related products worldwide. The key here is that, unlike its competitors, U.S. Steel is vertically integrated with its iron ore mine here in the U.S. This integration is essential because iron ore prices have exploded higher, giving U.S. Steel a significant cost advantage over its domestic competitors. Recent mergers include Stelco, a 7 million ton steel maker in Canada, and Lone Star (not the private equity fund that has been buying all of the distressed debt), a major tubular steel producer in the U.S. It's time to buy U.S. Steel.

Google (GOOG): I am a huge fan of Google. Heck, I live on Gmail/Gchat and must use the Google search engine a few hundred times a day to search all different kinds content. And I'm not alone. The Google search engine receives about a billion search requests per day. It has completely dominated the search business, with 60% or more of the total market share. Google receives daily search requests from all over the world, including Antarctica. It is also extremely cheap, trading at less than one times its forward growth rate. I like the company going forward and think that it is a great short-term and long-term trading buy.

Ensco International (ESV): This is a passive way to play a snapback in the price of oil. The stock is dirt cheap, with a forward P/E of 6.6 and EV/EBITDA of 5.4 with operating margins north of 55%. Ensco, a deep-water driller, has the highest margins in the sector, the youngest fleet and the highest ratio of operating cash flow to capital expenditures in the industry. Ensco has met or exceeded estimates for 34 quarters in a row. It's time to buy Ensco.

For more ideas, including National Oilwell Varco (NOV), Freeport-McMoRan (FCX), General Electric (GE) and Apple (AAPL) , make sure to check out this week's Rocket Stocks portfolio.

To find the snapbacks and potential breakouts on a regular basis, check out these Stockpickr portfolios, which I use in my own research each week:

Always check the Biggest Percentage Losers, a list of stocks that lost big the day before, because they can snap back hard.

When you check this list on Stockpickr, you can see which stocks are owned by the quality hedge funds and mutual funds. Pay attention to those. The funds will be buying at the lower prices and likely supporting the stock.

Ditto for the 52-week-low list. You must check the above two lists every day if you hope to find volatile stocks that can snap back

Biotech Short Squeezes: Dendreon and others can often be found in this category.Stocks Rising on Unusual Volume: These are potential breakout plays.

Stockpickr's System Trades of the Day: These are trades triggering that day in various back-tested trading systems we've developed.

Stocks With Unusual Options Activity: Perhaps someone knows something?

Latest Activist Situations: These are stocks that hedge funds are accumulating shares of and demanding change in. Believe me, these hedge funds piggyback each other. And once they start rocking the boat, things happen quickly. This should be on the must-view list.

One final place to frequent is the Answers section on Stockpickr, where ideas such as those presented in this article are thrown around daily. And you can further discuss your ideas and share opinions in Stockpickr's Member Forums section.

Posted on Sept. 14, 2008