With Friday’s market downturn, things overall weren’t looking good. However, I decided I to look for ways to screen for some stock ideas.

One Youtube video I found was How to Find Stocks to Buy Right Now on Finviz by a guy named Jeff Waite. In this video, Jeff showed how he used the Finviz Heat Map (which is similar to Stockchart’s Market Carpet) to see the status of the market.

Basically, Jeff’s idea is to find the sector that looks the strongest and then move to the FinViz Screener and, on the Descriptive tab, select that sector from the dropdown box.

You can then choose the Fundamentals tab to enter filters. Jeff added a generous “Under 25″ for the P/E filter and a P/B of “Under 2″.

Under the Technical tab, Jeff chose Gap “Up” and then moved to the Charts tab to sort the tabs and used that as a starting point to look for his technical analysis.