(Story updated with more stocks that are picking up momentum.)
NEW YORK (TheStreet) -- The theory goes like this: two Hindenburg Omen indicators occur within a 30-day window, and it's an all-but-guaranteed trigger of a future stock market crash.

Unless it's not.
Hindenburg

For those unfamiliar with the Hindenburg Omen, it is a technical abnormality that occurs when an unusually high number of companies in the New York Stock Exchange reach 52-week highs and lows at the same time. The proportion of New York Stock Exchange highs and lows must both exceed 2.5% of the total listed on the exchange.

And indeed, between mid- and late-August, two Hindenburg occurrences were in fact sighted -- sparking, at the time, widespread fears of a coming stock market crash. By the time the third one had occurred in late August without any devastating stock market event, many had stopped taking it seriously.

BGC Financial director and technical analyst Roger Volz said a confirmation of the Hindenburg signals was being prevented over the last few weeks by a fair amount of bearish sentiment that was already built into the market.

"You almost need to have buy speculation or a high degree of bullish sentiment built into the market to create environment for a market reversal or to break into the downside," he explained. "The speculative flow that would have been needed to come into play to create the environment that would allow for a market collapse or a very strong, major retracement just wasn't there."

Over the last few weeks, Volz was seeing a flow in search of high dividend-yielding stocks by major fund traders and a positive price action "swirling" around takeover names.

Ken Shreve, who focuses on aggressive growth stocks and is manager of TheStreet's Market Movers model portfolio, said he personally thinks the Hindenburg Omen is just noise. This year was the first time Shreve had heard of the indicator in his 20 years as a technical analyst. "I know there may be some statistical relevance to the indicator, but the one thing I learned about the Hindenburg Omen is that even though it does have a track record of almost predicting market declines, there's no way to tell when the market decline is actually going to occur and it's also impossible to tell how long it's going to last."

Shreve noted that despite all the talk of Hindenburg Omens last week, the market was up more than 5.6% between Wednesday and Friday. For him, the most important market indicators are the good, old-fashioned supply and demand and price and volume trends on the Dow, S&P 500 and NASDAQ. He already sees a number of compelling charts that look like they're ready to take off and "stage upside moves from consolidation areas."
Hindenburg

"The reason I'm positive on the market right now is I'm seeing subtle signs that new money is starting to come in from the sidelines. These rallies don't seem to be short-covering anymore. I happen to believe that between now and the end of the year we're going see a nice little rally."

Schaeffer's Investment Research's technical strategist Ryan Detrick, for his part, said investors should pay attention to the Hindenburg Omen -- but that it's no reason for them to go out and sell all of their stocks. "Yes, it nailed the recent financial crisis -- but you can find numerous other times over the few decades that it simply didn't work," he said. "The best thing to remember is that in this type of environment, stay diversified. Own some bonds, some gold and some cash."

Detrick says he is encouraged by, of all things, commercial real estate -- despite the fact that it's been one of the more loathed sectors, and for good fundamental reasons. "Yet the price action on REITs has been very strong." Detrick said since its March 2009 lows and the year to date, commercial real estate has been one of the strongest sectors in the market, with names in the group up between 20% to 30% year-to-date.

"For us, strength like that in the face of negative sentiment only adds to the potential for explosive upside on any good news," Detrick said.

So which stocks are flying in the face of this much hyped (perhaps over-hyped) portent of doom? We asked numerous analysts that very question, and these were the stocks they liked. Note that several have taken breathing periods, paused and consolidated gains over the last few weeks -- and are now moving to new highs, and staging technical breakouts.

Market Vectors Gold Miners ETF ( GDX)

NAV (Net Asset Value):
$52.75

Expense Ratio: 0.54%

Market Cap: $3.77 billion

Prem/Discount: -0.19%

salesforce.com ( CRM)

Mean Analyst Recommendation:
17 Strong Buys, 3 Moderate Buys, 14 Holds, 1 Moderate Sell

Stock Price/Earnings Ratio vs. Industry's: 1,073.1%

Market Cap: $15.14 billion

Trailing Twelve-Month Revenue: $1.46 billion

Burger King ( BKC)

Mean Analyst Recommendation:
1 Strong Buy, 14 Holds, 2 Strong Sells

Stock Price/Earnings Ratio vs. Industry's: 90.9%

Market Cap: $3.23 billion

Trailing Twelve-Month Revenue: $2.5 billion

Yum! Brands ( YUM)

Mean Analyst Recommendation: 8 Strong Buys, 2 Moderate Buys, 9 Holds

Stock Price/Earnings Ratio vs. Industry's: 102.95%

Market Cap: $20.48 billion

Trailing Twelve-Month Revenue: $11.06 billion

McDonald's ( MCD)

Mean Analyst Recommendation:
16 Strong Buys, 7 Holds

Stock Price/Earnings Ratio vs. Industry's: 88.37%

Market Cap: $79.15 billion

Trailing Twelve-Month Revenue: $23.58 billion**

Pan American Silver ( PAAS)

Mean Analyst Recommendation:
4 Buys, 4 Outperforms, 6 Holds, 2 Underperforms, 1 Sell

Stock Price/Earnings Ratio vs. Industry's: 173.57%

Market Cap: $2.76 billion

Trailing Twelve-Month Revenue: $552.64 million

Netflix ( NFLX)

Mean Analyst Recommendation:
5 Strong Buys, 1 Moderate Buy, 14 Holds, 1 Moderate Sell, 8 Strong Sells

Stock Price/Earnings Ratio vs. Industry's: 235.54%

Market Cap: $7.67 billion

Trailing Twelve-Month Revenue: $1.88 billion

Clorox ( CLX)

Mean Analyst Recommendation:
7 Strong Buys, 1 Moderate Buy, 10 Holds, 1 Strong Sell

Stock Price/Earnings Ratio vs. Industry's: 90.27%

Market Cap: $9.21 billion

Trailing Twelve-Month Revenue: $5.53 billion

Potash Corp. ( POT)

Mean Analyst Recommendation: 10 Strong Buys, 3 Moderate Buys, 11 Holds

Stock Price/Earnings Ratio vs. Industry's: 207.65%

Market Cap: $44.28 billion

Trailing Twelve-Month Revenue: $5.35 billion

BHP Billiton ADR ( BHP)

Mean Analyst Recommendation:
3 Outperforms, 1 Hold

Stock Price/Earnings Ratio vs. Industry's: 59.30%

Market Cap: $118.28 billion

Trailing Twelve-Month Revenue: $50.21 billion

Genzyme ( GENZ )

Mean Analyst Recommendation:
7 Strong Buys, 1 Moderate Buy, 8 Holds

Market Cap: $18.03 billion

Trailing Twelve-Month Revenue: $4.29 billion

Novo Nordisk ADR ( NVO )

Mean Analyst Recommendation:
3 Holds

Stock Price/Earnings Ratio vs. Industry's: 117.10%

Market Cap: $54.7 billion

Trailing Twelve-Month Revenue: $9.31 billion

AvalonBay Communities ( AVB )

Mean Analyst Recommendation:
4 Strong Buys, 2 Moderate Buys, 11 Holds, 1 Moderate Sell, 2 Strong Sells

Stock Price/Earnings Ratio vs. Industry's: 246.98%

Market Cap: $9.3 billion

Trailing Twelve-Month Revenue: $865.6 million

SL Green Realty ( SLG )

Mean Analyst Recommendation:
2 Strong Buys, 12 Holds, 2 Strong Sells

Stock Price/Earnings Ratio vs. Industry's: 58.40%

Market Cap: $4.93 billion

Trailing Twelve-Month Revenue: $1.01 billion

iShares Dow Jones U.S. Real Estate (ETF) ( IYR )

NAV (Net Asset Value):
$53.15

Expense Ratio: 0.47%

Market Cap: $2.74 billion

Prem/Discount: 0.09%

F5 Networks ( FFIV )

Mean Analyst Recommendation: 10 Strong Buys, 2 Moderate Buys, 14 Holds

Stock Price/Earnings Ratio vs. Industry's: 128.96%

Market Cap: $7.5 billion

Trailing Twelve-Month Revenue: $802.8 million

Baidu.com ( BIDU) (ADR)

Mean Analyst Recommendation: 10 Buys, 7 Outperforms, 7 Holds, 1 Underperform

Stock Price/Earnings Ratio vs. Industry's: 462.43%

Market Cap: $28.63 billion

Trailing Twelve-Month Revenue: $651.5 million

Herbalife ( HLF)

Mean Analyst Recommendation: 8 Strong Buys

Stock Price/Earnings Ratio vs. Industry's: 83.28%

Market Cap: $3.34 billion

Trailing Twelve-Month Revenue: $2.54 billion

NetApp ( NTAP)

Mean Analyst Recommendation: 13 Strong Buys, 3 Moderate Buys, 17 Holds, 1 Strong Sell

Stock Price/Earnings Ratio vs. Industry's: 132.50%

Market Cap: $16.04 billion

Trailing Twelve-Month Revenue: $4.23 billion

Panera Bread ( PNRA)

Mean Analyst Recommendation: 12 Strong Buys, 7 Holds

Stock Price/Earnings Ratio vs. Industry's: 136.19%

Market Cap: $2.55 billion

Trailing Twelve-Month Revenue: $1.44 billion

Banco Santander-Chile ( SAN) (ADR)

Mean Analyst Recommendation: 4 Holds, 1 Underperform, 1 Sell

Stock Price/Earnings Ratio vs. Industry's: 106.09%

Market Cap: $16.02 billion

Trailing Twelve-Month Revenue: $2.38 billion

Chipotle ( CMG)

Mean Analyst Recommendation: 12 Strong Buys, 2 Moderate Buys, 9 Holds

Stock Price/Earnings Ratio vs. Industry's: 179.02%

Market Cap: $5.13 billion

Trailing Twelve-Month Revenue: $1.65 billion

Trina Solar ( TSL) (ADR)

Mean Analyst Recommendation: 14 Buys, 7 Outperforms, 3 Holds

Market Cap: $1.9 billion

Stock Price/Earnings Ratio vs. Industry's: 61.24%

Trailing Twelve-Month Revenue: $845.1 million

Priceline.com ( PCLN)

Mean Analyst Recommendation: 9 Strong Buys, 2 Moderate Buys, 4 Holds

Stock Price/Earnings Ratio vs. Industry's: 114.82%

Market Cap: $15.15 billion

Trailing Twelve-Month Revenue: $2.62 billion

-- Written by Andrea Tse in New York.

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