NEW YORK (TheStreet) -- Stocks fell for the second day in a row on Wednesday following the huge down day on Tuesday.

After being higher for most of the day on Wednesday, the DJIA closed down 27.55 points to finish at 17,635.39 while the S&P 500 closed down 3.92 points to finish at 2,040.24. The Nasdaq lost 9.85 points to close at 4,849.94 while the Russell 2000 bucked the trend, closing higher by 7.31 points at 1,215.79.

The S&P 500 Trust Series ETF (SPY - Get Report) volume traded over 107 million shares on a down day. The pattern continues. On up days the volume is lower versus the down days.

Thursday we will see a market moving event as the U.S. retail sales number is released before the markets open. 

The indexes and individual stocks taken as a whole are sufficiently oversold and a bounce to the upside is very near, within a day or two at most.

Oversold Stocks to Buy

Stocks that have oversold signals are Apple (AAPL - Get Report), ExxonMobil (XOM - Get Report), and PepsiCo (PEP - Get Report).

This article is commentary by an independent contributor. At the time of publication, the author held XOM.