Buying Opportunities, Including NVDA, Are Starting to Arise, Veteran Investor Says

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.”

While we acknowledge the potential of NVDA, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

Disclosure: The author owns shares of AMZN but has no intention of trading them in the next 48 hours. This article is originally published at Insider Monkey.