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3 Trades To Watch In This Oversold Market

Published 03/23/2017, 11:16 AM
Updated 07/09/2023, 06:31 AM

Big vote in the House today -- if it even happens -- on the ObamaCare repeal-and-replace. Whether it takes place will no doubt affect the trajectory of the market through Friday's U.S. close.

Wednesday's S&P S&P 500 managed to hold it together and not follow through to the downside after Tuesday's sell-off. That has been the norm of late for the market, whether it's been to the up or downside, when there is a sharp move in price following quiet price action, the tendency is for the market to fade the move. The latest instance was following the March 1 rally.

Short-term the market is way oversold and due for a strong bounce. If the bill can pass the House, it should be enough to rally this market Through Friday.

Three Setups To Watch

-- Long JPMorgan Chase & Co. (NYSE:JPM)

J.P. Morgan Chase

-- Long Comerica Incorporated (NYSE:CMA)

Comerica

-- Short Red Hat Inc. (NYSE:RHT)


Red Hat

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