Three trade setups to watch today
Big vote in the House today (or it may not even happen at all) on the ObamaCare repeal-and-replace. Whether it happens or not will no doubt affect the trajectory of the market today and tomorrow. Right now, they are saying that Trump is short a few votes in his party, but I suspect that will get figured out before the time comes.
Yesterday, SPX managed to hold it together and not follow through to the downside following Tuesday’s sell-off. That has been the norm of late for the market, regardless to the upside 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 1st 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 today and tomorrow.
Long J.P. Morgan Chase (JPM)
Long Comerica (CMA)
Short Red Hat (RHT)
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