The stock market’s technicals suggest that good buying opportunities are now available or will arise soon, Jay Woods, Chief Global Strategist of Freedom Capital Markets, told Schwab Network today.
Moreover, Woods believes that the market could rally 5% later this week.
Among the names on Woods’ “shopping list” are Nvidia (NVDA), Amazon (AMZN), and JPMorgan (JPM), he noted.
Technicals Indicate Stocks “Are Near a Bottom,” Woods Says
The market is under its 200-day moving average, while the Vix is trending around 49 and the Relative Strength Index is “at historically low levels,” Woods noted. All of these metrics suggest that stocks are “near a bottom,” he stated.
The investor added that the Vix had stayed extremely elevated only once in recent history: During the 2008 financial crisis.
And with additional tariffs slated to go into effect on Wednesday, the stock market will “probably rise 5%” if the imposition of the duties is delayed, the investor predicted.
Woods’ Shopping List
The investor said that he was “ready to buy” NVDA, AMZN, and JPM. Further, he noted that he had already bought Broadcom (AVGO), but would likely “get out” of the name at $136-$137.
Woods added that he had placed low bids on a number of stocks “just in case (the downturn) accelerates.”
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This article is originally published at Insider Monkey.
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