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)

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Long Comerica (CMA)

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Short Red Hat (RHT)

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