I was born on 6 August 1956 in San Francisco, California to Janet and (the late) Richard Hovis.
I grew up in Santa Monica, California where I attended elementary, junior high school, and high school (graduating in 1974), in addition to involvement in sports and recreation (Little League +, the Boy’s Club ++). Further, it was in elementary school – St. Augustine’s By-the -Sea Parish School that I found, and made the choice to truly journey with God.
I attended Arizona State University from 1974 to 1977 – seeking to become an architect, however, I was not accepted, and, as such, I graduated with a Liberal Arts degree.
Upon graduation from Arizona State University, I attended Cal Poly San Luis Obispo and studied City and Regional Planning at the Master’s level. I successfully completed one (1) year in a two (2) year program – I did not complete the Master’s degree in City and Regional Planning – due to personal reasons.
I returned to Santa Monica where I started (October 1979) my career as graphic designer with Exxon Company, USA. I spent five years with Exxon Company, USA.
While working with Exxon Company, USA I was accepted into architectural school – Sci-Arc in Southern California, however, I did not attend preferring to stay with Exxon..
In 1982 I married Laura Flosi and in April 1983 we had our one and only child – Lauren Alain Hovis – a gift from God.
We moved to Phoenix, Arizona in 1984 from Los Angeles, where I went to work as a graphic designer with Kitchell CEM (from 1985 -1987).
From 1987 – 1995 I was an independent contractor, and a registered representative in mortgage finance, financial management, graphic design, and drafting.
Further, I attended the University of Phoenix and successfully obtained a Master’s in Business Administration (MBA) in 1982.
I was also a member of the Scottsdale Jaycees, where I became very involved in community events and projects.
In 1994, I accepted a cartography position with the Defense Mapping Agency in Reston, Virginia. As such, I relocated from Phoenix to Reston.
In 1998, I was accepted and worked as a Visual Information Officer with the Central Intelligence Agency. In 2002, I worked as a Support Officer until my retirement (due to a need for shoulder surgery) in September 2018.
Away from my Federal Government service, I have been involved in various organizations and activities in Northern Virginia.
In November of 2011, I married Rebecca Ouellette in Santa Monica, California. I reside in San Tan Valley, AZ with my two hamster - Jess and Timothy, our fish, our lizard - RJ Lizard., and our cats - Pearl and Grey.
As to hobbies, I enjoy playing sports, attending sporting events, mentoring individuals from financial management to hamsters, building models, photography, travel, multimedia design, managing partner for RJ Hamster, and jazz – smooth jazz to a samba or a bossa nova.
Love and God Bless,
Peter – aka RJ Hamster Jo hi
We’re continuing to look for the next double and triple-digit opportunity this month.
A new NASDAQ alert is coming tomorrow morning, Friday at 9:30 AM ET.
Right now, we are tracking several under-the-radar NASDAQ and NYSE names, and tomorrow’s alert stands out.
Based on the technical chart structure, we believe this alert has strong potential to deliver meaningful upside.
Plus, this company has a history of delivering sharp rallies and multiple developments this week.
Be ready tomorrow morning, Friday at 9:30 AM ET.
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SmallCapStocks Team
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Your portfolio called. It works the night shift now.
Most 0DTE traders spend all day chasing moves that already happened. Don Kaufman’s SUPERFLY ALERTS flip the script — position before the close, let the overnight pressure do the heavy lifting, and wake up to the kind of repricing most traders only notice after it’s too late.
We’re talking +365% on TSLA. +310% on META. +235% on GOOGL. Not every trade. But when the setup is there, the overnight effect can be explosive.
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Tony Rago hit day done on micros before most traders finished their first coffee. 474 handles total.
The session looked ugly. NQ gapped below the 200-day moving average and the weekly open.
Tony read it differently. The advance/decline line showed no real sellers. Just noise from crude and metals dragging the tape lower.
That single read gave him the confidence to buy when everyone else was frozen.
In today’s Live Trading Room session replay, you’ll see:
How Tony used the AD line to filter noise from signal on a gap-down open. Gold dropped $336. Crude pushed toward 98. The AD wasn’t confirming sellers. That read changed everything.
The 412 support level and opening range break that set up the entire trade. Tony targeted 426 long with 500 as the goal. It took multiple attempts and two scratch trades before the level held.
Why he double-clicked six micro contracts at the exit for 300 handles. Break-and-retest of 412, add at 435, ride to 500. Tony walks through each decision and why he scaled the way he did.
The micro contract framework that turns volatile sessions into controlled risk. On minis, the same execution would have been a $9,000 day. Micros let you hold without flinching when a trade goes ten handles against you.
Tony scratched two trades before the winner printed. Most traders would have stopped or reversed short.
He kept reading the AD, kept trusting 412, and let the opening range break do the work.
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Managing Editor’s Note: On March 26, at 2 p.m. ET, our colleague – Market Wizard Larry Benedict – is sharing the trading strategy that’s been handing his subscribers weekly opportunities to pull profits out of the market…
All using a single ticker…
It’s part of his upcoming AI Chaos to Cashevent. We’ve seen a lot of flux in certain AI stocks this year, and Larry’s got decades of experience trading choppy markets and profiting through volatility.
You’ll get the strategy, the ticker, and a calendar of potential trade opportunities to come in 2026 when you join him next Thursday. You can go here to automatically sign up.
I’ve been in Washington, D.C. all week for meetings and two important conferences in two industries.
It’s been an exciting week.
The Digital Chamber, of which I’ve been a member since late 2017, holds its annual D.C. Blockchain Summit in March every year.
I’ve been to almost all of them over the last decade.
There is no place that you’ll hear from more of the D.C. insiders working on digital assets policy and legislation than at this event. This year was no different.
My senior blockchain analyst, Ben Lilly, and I will be sending out our relevant notes and insights from the Blockchain Summit to our subscribers of Permissionless Investor and Neural Net Profits in the days ahead.
Needless to say, a lot is going on right now… as the industry partners with policymakers to push the market structure bill over the line and pass it through Congress.
There is an incredible sense of urgency across the industry, the White House, and representatives of Congress to get it done.
The other conference I’ve been attending is the Fusion Industry Association’s Annual Policy Conference, which also happens every year in March…
For industries whose fates are so closely tied to the regulatory environment, it is critical to be in D.C. to understand what’s actually happening.
Regulations, new legislation, and government policy directly impact an investment thesis, so ignoring that in our analysis would be a terrible mistake.
Recollections from Events Past
The Fusion Industry Association (FIA) is the nuclear fusion industry’s equivalent of The Digital Chamber for digital assets.
I’ve been attending nuclear fusion events and gatherings since 2019, when I sensed that momentum was building in the sector and the technological development was accelerating.
Back then, I could see a clear path towards not only first light – which is the first time a fusion reaction would produce a net energy output – but also an even more important path towards commercialization.
I predicted way back in 2019 that we would see the first net energy production fusion reaction before 2025.
It was a crazy prediction at the time, as the experts were predicting that it was 15–20 years out, or even more.
It actually happened in December of 2022, at the National Ignition Facility at the Lawrence Livermore National Laboratory.
I remember clearly watching the live press event held by the Department of Energy, where it shared the details of the historic moment.
It was truly a turning point for the industry.
Source: National Ignition Facility
Admittedly, it was a research project, but it was legitimate.
The approach using a very large facility and a number of high-powered lasers to create the fusion plasma – for a split second – is not a path towards commercialization.
But it did turn scientific theory into a proven reality.
The industry has been accelerating since then.
Fusion Fanfare
Back in 2019, nuclear fusion gatherings were a small affair.
I remember attending an event in New York City with the then-Secretary of the Department of Energy.
There were only about 40 people or so in a relatively small conference room.
Every key player in nuclear fusion was present at the time.
It was fantastic, but the sense at that time by the industry insiders was not very optimistic.
Most felt that the industry was still a long way away from commercialization, 15-20 years away.
I felt differently.
The first couple of FIA events, which started five years ago, were also very small gatherings.
This year was a breakout year.
There were more than 500 people in attendance – too many to count – by far the largest gathering to date, and a clear sign of what’s coming.
This year is special.
Since the last annual event, executive orders have been issued with unwavering support for nuclear energy in the United States.
This has empowered the Department of Energy to launch programs in support of both nuclear fission and nuclear fusion.
Another major victory has been carving out nuclear fusion as its own category of clean energy production.
This is an important distinction from a regulatory perspective that is critical for the industry to move forward. And it’s appropriate, as fusion is very different from fission.
More recently, on November 24, 2025, the President issued an executive order for the GENESIS Mission, which is a national initiative to accelerate AI-driven advancements in nuclear energy, national security, and quantum computing.
One of the big topics of the conference was the application of AI to nuclear fusion systems. I was writing about this so many years ago, but almost no one in the industry was talking about it. AI will be critical not only to manage the fusion plasma, but also for a nuclear fusion reactor’s operational systems. I was excited to hear this being acknowledged at the conference this week.
Also related to the GENESIS Mission, this week, and at the FIA event, the Undersecretary for Science at the Department of Energy, Dario Gil, who also serves as the GENESIS Mission Director, announced $293 million in funding to support the GENESIS Mission objectives.
Part of that funding will, of course, go towards nuclear fusion advancements.
One panelist at the conference made a firm remark that there needs to “be a zero added on” to the level of government investment in fusion.
This suggests that billions need to be spent to accelerate development.
There was also a lot of talk about the threat of China, how much government investment is happening in nuclear fusion, and how the Chinese are working 24/7 building out nuclear fusion plants.
There was a shared sense of urgency that the U.S. must beat China in the race to secure the kind of limitless clean energy that nuclear fusion will provide.
This competitive and geopolitical threat from a clear adversary is important to acknowledge, and it is very real.
But the framework of “China is investing more than the U.S.” is not accurate, because it always leaves out the investment that is happening in the private sector.
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Wall Street legend Marc Chaikin accurately predicted the crashes in 2020 and 2022. Now, on March 25 at 8 p.m. ET, he’s stepping forward with an urgent update and timeline on the next bear market. He’ll show you exactly what’s coming… and tell you the EXACT DAY to move your money to prepare for a period of extreme pain, uncertainty, and loss. Learn more here.
The Real Numbers
Shown below are the real numbers of what is driving nuclear fusion investment.
It’s the private sector.
Total Funding for Nuclear Fusion Through 2025
2025 Global Fusion Industry Report | Source: Fusion Industry Association
Since 2023, it is estimated that China has invested about $6.5 billion towards the commercialization of nuclear fusion technology, a number that is multiples higher than what the U.S. Department of Energy has spent in the same timeframe.
While this is true, it ignores what is happening in the private sector.
From the chart above, $2.2 billion alone was invested by the private sector in 2025, $8.9 billion to date.
The private sector investment in fusion stands well above what the Chinese government is investing, and it’s clearly accelerating year after year as we get closer and closer to commercialization.
This might raise the question for some as to whether U.S. government funding is even necessary.
It is, but for the reasons that you might not expect.
It’s not for the purpose of centralized, government-led research.
Innovation happens much faster and at a far more accelerated pace when led by private industry.
The DOE Stamp of Approval
Funding is required for the development and implementation of industry regulations.
While industry helps inform and draft those regulations, they have to be finalized and presented to policymakers by the Department of Energy (DOE).
In that way, the DOE acts as a gateway to policymakers and legislators.
Without its support, industry-only-led regulations will be nearly impossible to pass.
The second critical value in which government funding is useful is in providing early grants and large-scale loans to promising private companies in the nuclear fusion industry.
Nuclear fusion, and fourth-generation nuclear fusion for that matter, are both matters of national competitiveness and national security.
It takes a lot of capital investment to get to commercialization, especially for frontier technologies like nuclear fusion.
The vice president of research and development at fusion company Zap Energymade a salient point at the conference about this.
I’m paraphrasing here, but he said that receiving a grant from the DOE is proof for investors that you’ve been through a difficult vetting process.
It’s an indication that what you’re doing is legitimate, has a path forward, and is worthy of further investment.
Zap would understand the value of this stamp of approval from the DOE, as well as any player in the industry.
It received small grants from the DOE in 2019, 2020, and 2023.
Those grants contributed to Zap’s ability to go on to raise more than $320 million through July 2024.
Zap Energy is now valued at $1.1 billion and well on its way to developing a commercial prototype of its unique sheared flow stabilized Z-pinch fusion reactor.
But one of the most exciting topics of the conference is the proximity of not one, but two private nuclear fusion companies that will be going public this year.
At least two that I know of, as I’m confident others are already having discussions to do the same.
The First Publicly Traded Nuclear Fusion Company
Announced in December, TAE Technologies will be merging with Trump Media & Technology Group (DJT) – in a bizarre combination.
Trump Media & Technology is the parent company of Truth Social, which has minuscule revenues as a company.
It went public via a reverse merger in September 2021, and given its very limited revenues ($3.68 million in the last 12 months), it almost feels like a SPAC.
It has about $1 billion in cash on its balance sheet, very limited operations, and it is a public company.
TAE is a very exciting, private company with a great approach to nuclear fusion.
But other than capital and ease of going public via a merger with an existing public company, there is no obvious value in the merger with Trump Media and Technology.
But in reality, that’s largely what TAE needs – capital and speed to the public markets.
The current timeline is to complete the merger by mid-2026. If it goes through, I would expect the name of the company to change to TAE as well as the ticker symbol.
Before that happens, it is highly likely that General Fusion, another private fusion company, is in the process of a reverse merger with a SPAC, Spring Valley Acquisition Corp III (SVAC), and will become the first publicly traded nuclear fusion company.
The deal was announced this January, and a representative from the company confirmed at the conference that General Fusion would become the first to go public.
Accessing the public markets is a sign that nuclear fusion is going mainstream and nearing commercialization.
It also helps raise awareness with institutional investors about this critically important emerging market.
Breakthrough technologies like nuclear fusion are extremely hard and take billions of dollars of investment.
Accessing the public markets and new sources of capital are necessary to make a future of limitless, cheap, clean energy a reality for all of us.
The future is bright, a world of energy abundance – lit with the energy of the sun – as we climb the Kardashev scale.
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That’s what NVIDIA’s CEO said, calling AI “the largest infrastructure buildout in history.” Their chips helped make it happen. Now they’re collaborating with Miso Robotics to unlock key advances in robotics. Miso’s restaurant kitchen AI robots logged 200K+ hours for brands like White Castle. And NVIDIA helps unlock up to 35% faster performance. 100k+ US fast-food locations are in need, a $4B/year opportunity for Miso.
Louis Navellier spent 46 years building a system that measures what institutions measure before they buy. When his grading system upgrades a stock from C to B, it means: BlackRock, Vanguard others could be about to deploy billions. That’s when retail investors should buy – not 6 months later when CNBC covers it. Get 3 FREE STOCK SEARCHES and see how YOUR stocks grade right now. [ad]
All of the positive economic talk out of this week’s Fed meeting had a negative impact on investors, who have now taken expectations for even one interest rate cut this year off the table.
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Today’s Night Prayer is brought to you by Charity Mobile
A Night Prayer
Jesus Christ, my God, I adore You and thank You for all the graces You have given me this day. I offer You my sleep and all the moments of this night. I place myself and all my loved ones, wherever they may be, in Your sacred side and under the mantle of Our Blessed Mother. Let Your holy angels stand watch and keep us in peace. Amen.
Quote of the Day
“Whereas Adam and Eve were the source of evil which was unleashed on the world, Joseph and Mary are the summit from which holiness spreads all over the earth.” -Pope St. John Paul II.
Today’s Meditation
“God’s man, hungering and thirsting for justice, does not break the bruised reed or quench the smoking flax. That he does not is less an expression of genial benevolence or natural pity than it is an effect of the personal suffering he has known in his own efforts to establish justice within himself. Anyone who has seriously perseveringly worked to bring things within himself to right, who has known the demanding hunger for inner rectitude and the tormenting thirst to set things right within his own heart, has learned at what personal cost and with how many frustrations and depressions and failures the hunger and thirst for justice persist at all. One can get very tired of hungering and thirsting for personal rectitude when there are other servings available. But out of allowing oneself to be blessed by God with this hunger and thirst comes a fountainous compassion for others.” —Blessed Are You: Reflections on the Beatitudes, Mother Mary Francis, PCC, pg. 67-68
For 30 years, Charity Mobile has been the Pro-Life, Pro-Family cell phone company. Now more than ever, it’s important to do business with companies who share your values.
With Charity Mobile, you’ll enjoy nationwide coverage, affordable plans for all users, and a Pro-Life customer service team based here in the U.S. Switching is easy, and there are no contracts, no termination fees, and a 30 day risk-free trial.
Best of all, we’ll send 5% of your monthly plan price to your favorite Pro-Life, Pro-Family charity. Isn’t it time to buy the way you believe?
The daily examination of conscience is an ancient Catholic practice. It’s very simple, and it’s designed to help us identify our sins and weaknesses so that we can improve and grow stronger in the spiritual life, while providing an excellent ongoing preparation for regular Confession. It consists of taking a few minutes at the end of the day to prayerfully review our actions in the light of God’s commandments, followed by the Act of Contrition.
Reflect on the victories and losses
Actively reflecting on the high and low points of the day can help you live more intentionally and bring a renewed sense of resolve into the following day.
Review your actions, words, and thoughts today. Did you actively guard yourself against temptation? Where did sin creep in?
In what moments did you practice virtue and moral courage?
Were you attuned to the Holy Spirit’s promptings today? Where did you feel His inspiration?
Ask Him for the graces necessary to follow His Will more purposefully tomorrow.
Act of Contrition
O my God, I am heartily sorry for having offended Thee, and I detest all my sins because of Thy just punishments, but most of all because they offend Thee, my God, Who art all good and deserving of all my love. I firmly resolve with the help of Thy grace to sin no more and to avoid the near occasions of sin. Amen.
Practice gratitude
It is God’s love that has brought you into existence and to this exact moment. Practice looking for His hand in your day.
Where did you feel His loving gaze upon you today?
What people or moments helped you see God in your life?
Thank God for all these moments!
Ask Him to help you recognize His blessings and providence tomorrow.
Renew your commitment to Christ
Remember: our Faith is founded upon a Person—Christ! Renew your personal love and devotion to Him.
Thank God for the gift of His Son Jesus and our call to be His disciples.
Tell the Lord of your desire to know Christ more personally.
If possible, set an intention for your day tomorrow. Ask Our Lord to guide you in this act.
Pray a Hail Mary, Our Father, or another beloved prayer.
Rest with God
By day the Lord commands His steadfast love; and at night His song is with me, a prayer to the God of my life. — Psalm 42:8
Welcoming Dr. Jared Johnson as Our New Director of Music and Canon-Elect
Washington National Cathedral is delighted to announce that Dr. Jared Johnson will be joining the Cathedral in Summer 2026 as Director of Music and Canon-Elect. Dr. Johnson, currently serving as Canon Director of Music at Grace Cathedral in San Francisco, will oversee the Cathedral’s renowned music program, which enhances worship and welcome visitors from across the country and around the world.
“We are thrilled to welcome Jared Johnson to theCathedral,” said The Very Rev. Randolph Marshall Hollerith, Dean of Washington National Cathedral. “Jared brings a profound commitment to the transformative power of sacred music, combined with proven leadership in building vibrant choral programs and fostering an inclusive musical ministry. His vision aligns perfectly with our mission to be a place of welcome, healing, and inspiration for all people. We look forward to the ways his gifts will enrich our worship in the years ahead.”
Join in person or online us on our journey to joy through Holy Week as we mark Jesus’ arrival in Jerusalem, the Last Supper, and Christ’s crucifixion and resurrection.
Easter is a special opportunity to support the Flower Guild as they fill the Cathedral with bright and bold arrangements that move us from the reflective time of Lent to the joy of Easter. Those wishing to honor or remember a loved one during this time may contribute to support an arrangement in certain chapels or other visible locations.
The Cathedral Scholars Program, with Friendship Place, is launching its 4th annual Easter Boxes initiative for children ages 5-12, providing school supplies and toys to brighten their holiday.
Evidence-Based Solutions to Gun Violence, with a Dash of Faith
Sunday, Mar 22 | 1 pm
All are welcome to join the Gun Violence Prevention Ministry’s upcoming educational session. Featured speaker Ethan Bartlett from the Johns Hopkins Bloomberg Center for Gun Violence Solutions will present the Center’s policies and priorities that have the potential to save countless lives.
We welcome you to join us for an overnight stay at the Cathedral’s Virginia Mae Center. Take time for reflection in the Cathedral’s gardens and chapels, cozy up with a good book in the library, and reengage with your faith through a self-guided Lenten retreat.
Described by the Washington Post as one of the world’s premier vocal ensembles, the Tallis Scholars bring their acclaimed sound to the Cathedral with a luminous Easter season program.
Join us in-person or online for an evening conversation between acclaimed scholar Dr. Elaine Pagels and Cathedral Dean Randy Hollerith as they explore the themes and insights of Dr. Pagels’ newest book, Miracles and Wonder: The Historical Mystery of Jesus.
“Spiritually sighted people recognize that acknowledging their own blindness is an act of liberation, not a confession of bondage. The journey toward the light begins when we acknowledge our own darkness, and that’s what we do during Lent. We take an inventory of our blindness and say, ‘I am a sinner and I am willing, with God’s help, to adjust my vision to see what God sees.”
Delivering World-Class Financial Research Since 1999
The market breaks its long-term uptrend… Entering ‘no man’s land’… 45% of stocks are still holding up… That’s good news, bad news… Preparing for a ‘bear market breakpoint’… The trouble with cyclical stocks…
For much of today, it was more of the same for the market…
And unless you own energy stocks, that’s probably bad news for your portfolio.
Oil prices were higher. U.S. stocks were a little lower, and the energy sector of the S&P 500 Index was the biggest gainer…
The State Street Energy Select Sector SPDR Fund (XLE) is now up 33% for the year, far outpacing any other sector. Utilities are the next-best performer at 8%, and consumer staples at almost 6% after that. The S&P 500 is now down almost 4% for the year.
Late this afternoon, Israeli Prime Minister Benjamin Netanyahu declared that Iran is now incapable of enriching uranium, said Israel was helping the U.S. open the Strait of Hormuz, and predicted that the war could end sooner than people think.
His words appeared to briefly lower oil prices and juice stocks in the final hour of trading, but the indexes still mostly finished slightly lower.
The war has damaged energy infrastructure in Iran and other Persian Gulf nations. Capacity can’t bounce back overnight even if the U.S. and Israel are about to unlock oil and gas shipments through the strait. This means energy prices are staying elevated for now.
For the first time since last spring and the rebound from the Liberation Day panic, the S&P 500 today traded below its 200-day moving average (200-DMA). That’s the simple technical measure of its long-term trend.
Things have been heading this way for a bit, with the S&P 500 first falling below its shorter-term 50-day moving average last month…
It’s a similar story for the Nasdaq Composite Index and Dow Jones Industrial Average. Only the small-cap Russell 2000 Index remains above its 200-DMA, and barely.
This action doesn’t guarantee anything about future market direction. But as we’ve written about before, it is a signal about the general trend in the market and a good first look at strength or weakness.
Traders like our colleagues Greg Diamond and Chris Igou frequently write about the utility of moving averages. For example, Chris wrote last May in DailyWealth Trader that as the S&P 500 broke back above its 200-DMA, it signaled a new bull run beginning…
The 200-DMA is the trend. So if it’s rising, we know the trend is up and we’ll want to own the overall market.
Second, the 200-DMA can act as “resistance” or “support” for price movements. It’s “resistance” when a stock rises up to it from below but then turns lower and starts a new downturn.
However, if the stock breaks through that resistance, the trend line typically becomes support.
Chris was right. The S&P 500 gained about 18% from when he wrote that on May 15through late January, when the U.S. benchmark index made its most recent all-time high.
Now we’re looking at U.S. stocks breaking through ‘support’…
One day does not make a trend, but things have already been heading this way for a bit.
Our colleague Mike Barrett wrote in Februaryin Select Value Opportunities that the “market downturn is just beginning.” And he updated his subscribers on March 4, using the 200-DMA as an indicator…
In a healthy market, [the S&P 500 and Nasdaq 100] trade above their 200-DMA trend lines. (Note: The daily price action moves faster than the slope of the 200-DMA. So this indicator helps us keep track of how the price action is trending.)
When the Nasdaq 100 reached an all-time high of 26,182 on October 29, 2025, it was 19% above its 200-DMA (22,019). The S&P 500 reached an all-time high of 7,002 on January 28, and was 9% above its 200-DMA (6,413) at the time.
Both indexes are now pushing downward. They’re also converging on these all-important trend lines… As of last Friday, the Nasdaq 100 was just 4% above its 200-DMA. And the S&P 500 was within 5% of its 200-DMA. We expect both indexes to continue falling toward their respective 200-DMAs.
Keep in mind that these trend lines often mark technical support – a kind of price “floor.” And it’s likely that investors would resume buying stocks as the major indexes test their 200-DMAs. Look for this to occur later in March or in April.
And as we wrote just on Monday…
As of today, the benchmark index is only 4% away from a new record high, and is trading about 1% above its longer-term, 200-day moving average. This could be a good sign (if the technical support level holds), or a warning sign of more downside.
With the S&P 500 today below its long-term moving average, our concern is raised. Barring a quick snap higher in the next few days, this means the U.S. benchmark index will be in “no man’s land,” without a clear technical support level. That’s not a great place to be.
There is room for more downside ahead…
Several indicators are worth following… I (Corey McLaughlin) especially like to track the number of individual stocks in the S&P 500 or the entire New York Stock Exchange that are trading above their 200-DMA.
This gives us a good look at market “breadth” or health, essentially the number of stocks trending up versus down. This indicator offers a window into what could happen next in the market. And I find it especially useful when thinking about significant market tops or bottoms.
It’s simple, really… When the market is flagging (like right now), I want to see more stocks below their long-term trend. If more are still above their 200-DMAs, it means more stocks still have room to fall.
Today, around 45% of S&P 500 stocks are above their 200-DMAs. That’s good news, bad news…
During major downturns, market bottoms typically coincide with much lower readings, like closer to 15% last April and during the bear market bottom in 2022… Even fewer stocks were above their 200-DMAs during the COVID-19 panic bottom in 2020.
We used this indicator to mark that bottom nearly to the day.
But we’re not saying this is a major downturn right now. Yes, there’s a lot of uncertainty around the war in Iran right now. That has been the trigger for the drawdown so far. And as we write, the resolution to the immediate conflict is as uncertain as it was a week ago.
However, plenty of times, stocks have turned around at breadth readings around this level.
Plus, the S&P 500 is only 6% off from its all-time high. A garden-variety “correction” in the market – without a recession – requires a drop of at least 10%.
So at the very least, be prepared for some more downside ahead… before things ultimately get better.
We’re not the only ones thinking this…
Today, Ten Stock Trader editor Greg Diamond recommended a pair of bearish trades on U.S. stocks to his subscribers. As he noted, “Stocks can’t find a bid and ‘support’ is breaking across the board.”
Existing Ten Stock Trader subscribers and Stansberry Alliance members can get caught up on Greg’s trade updates today here, plus his look at the potential path ahead for U.S. stocks here.
Our friend Marc Chaikin – the Wall Street legend and founder of our corporate affiliate Chaikin Analytics – is also concerned right now. He has been telling his subscribers to prepare for a “bear market breakpoint.”
Folks, 2026 is a midterm-election year. It’s “Year 2” of the four-year presidential cycle.
And recent history shows that the second year of the election cycle tends to be rough for investors…
In short, the stock market posted an average decline of roughly 2% during the past six “Year 2s” of the cycle. In other words, if you owned the S&P 500 in 2002, 2006, 2010, 2014, 2018, and 2022… you lost an average of about 2% in those years.
Looking further back over 17 election cycles going back to the 1950s, there’s a 70% probability of a correction of 10% or greater in a midterm year. That’s 12 out of those 17 cycles.
Even worse, the average intra-year drawdown in midterm election years since the 1950s is 18%.
The turmoil in the Middle East has only added to this “correction risk,” Marc says.
Back in October at our annual Stansberry Research conference in Las Vegas, Marc predicted trouble in stocks this year. Sure enough, now he says the market is reaching a critical pivot point. As Marc is saying…
For months, I’ve warned that 2026 could be the Year of the Bear. Just days from now, the most dangerous period for stocks in recent memory will begin.
He’s going to be talking about this more to a wider audience next week. On Wednesday, March 25 at 8 p.m. Eastern time, Marc is going live with a free presentation with the details. This includes his No. 1 step to protect your wealth for what he sees coming ahead.
“AI: Boom or bust?” remains a question we continue to track along with the war-driven volatility in the market.
Yesterday after market close, memory-chip giant Micron Technology (MU) reported its results for the fiscal second quarter. And like other chipmakers in the AI space, Micron saw a huge boom in its business…
Revenue nearly tripled to $24 billion from the same quarter a year ago, setting a new quarterly record for the company. And Micron expects revenue to more than triple year over year to $33.5 billion in the third quarter.
The story is the same with the company’s earnings. Net income surged more than 700% to $13.8 billion in the second quarter. The reason is simple… There aren’t enough memory chips to fuel the high demand for AI.
Semiconductors are a critical part of the AI growth story and supply chain. And as our colleague Sean Michael Cummings explained in a DailyWealth essay in December, AI companies have rushed out to secure supplies for memory chips for their data centers.
But in doing so, they’ve overwhelmed the chipmakers. From Sean…
This October, OpenAI announced a partnership with Samsung and SK Hynix, the two largest memory suppliers in the world. The deal gives OpenAI access to 900,000 DRAM wafers a month over the next four years. That’s up to 40% of monthly global DRAM production.
And that has pushed prices higher – fueling both sales and earnings growth for Micron. CEO Sanjay Mehrotra highlighted both strong demand and tight supply across the entire memory industry as the two driving factors for the strong quarter.
Despite the glowing report from Micron, though, the stock fell today after the release – closing down 3.8%.
Nothing from the report stood out as a red flag. But after the stock has more than quadrupled over the past 12 months, investors likely locked in some profits on their positions.
It’s still up big this year, though. And unlike most of the largest stocks in the U.S. market, still up this year.
But buyer beware, says Whitney Tilson…
Regular readers recognize Whitney as the editor of our Stansberry’s Investment Advisory newsletter. In the January 22 edition of his free daily e-letter, Whitney named Micron and its Korean counterpart SK Hynix (000660.KS) as two “cyclical” stocks to avoid.
Cyclical businesses’ performance usually heavily depends on the economic cycle. They’re especially prone to boom during expansion and bust during recessions.
As Whitney explained, Micron and SK Hynix have seen huge run-ups over the past 12 months after going almost nowhere for a decade before that. Micron has soared more than 300%, while SK Hynix shares have increased nearly 400% over the same period.
The stocks still appear cheap today. From Whitney…
But even after its huge run-up, Micron trades at only 11.7 times this year’s consensus analysts’ earnings estimates and 9.2 times next year’s. The same figures for SK Hynix are an even lower 7 times and 5.9 times, respectively.
How is this possible? Simple: Earnings – and future earnings estimates – have risen even faster than their stock prices.
That’s all well and good in boom times. And Wall Street expects that to continue as the AI growth story rolls on. So the stock still looks cheap today on an earnings basis. But Whitney warned that this could be a trap for investors looking to establish a position today, especially if you’re wary about AI growth moving ahead.
More from Whitney…
My main point was that the worst time to invest in a cyclical stock is when it looks the cheapest – aka when its price-to-earnings (P/E) multiple is the lowest. That’s when earnings may be at a cyclical peak and about to collapse…
We may not be there just yet. Companies are still going to spend plenty of money on AI in the coming months. But if they pull back, Micron’s earnings and future earnings estimates will drop off – making the stock’s valuation a lot more expensive.
That’s as good a reason as any to stay on the sidelines instead of trying to chase the memory-chip boom higher right now. That’s not to say Micron isn’t an industry leader, but you want to remember where we are in the business cycle, too.
As Whitney also wrote…
While I’m a big believer in AI (as I’ve discussed in many previous e-mails), I’m very concerned that AI spending is in a bubble (as I’ll discuss in upcoming e-mails). And if there’s a pullback, two of the first companies – and stocks – to get whacked will be Micron and SK Hynix.
To be clear, I would never short these stocks – they could both easily double again in no time. But I wouldn’t buy them here, as there’s too high a risk that they’ve been caught up in a bubble that could burst at any moment.
With that in mind, Whitney doesn’t recommend selling out of your shares of Micron or SK Hynix if you’re sitting on big gains. He does recommend “letting your winners run,” but also having a series of stop losses so you don’t lose all your gains if the stock begins to turn lower.
That’s wise advice for any of your portfolio holdings today.
Wall Street legend Marc Chaikin accurately predicted the crashes in 2020 and 2022. Now, on March 25, he’s stepping forward with an urgent update and timeline on the next bear market. He’ll show you exactly what’s coming… and tell you the EXACT DAY to move your money to prepare for a period of extreme pain, uncertainty, and loss. Learn more here.
Wall Street legends Jim Rogers, Eric Sprott, and David Bateman are going “all in” on silver – and Sprott believes it could go as much as 10 times higher. But according to the man who called silver’s past three big breakouts… President Donald Trump’s “smoking gun” could be the key factor that sends silver skyrocketing. This investment (less than $50) could be the best way to see huge returns from silver’s next move higher.
New 52-week highs (as of 3/18/26): BP (BP), Chord Energy (CHRD), Ciena (CIEN), Simplify Managed Futures Strategy Fund (CTA), Coterra Energy (CTRA), Chevron (CVX), EOG Resources (EOG), Equinor (EQNR), Liberty Energy (LBRT), Cheniere Energy (LNG), Magnolia Oil & Gas (MGY), Marathon Petroleum (MPC), USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), and Valero Energy (VLO).
In today’s mailbag, feedback on a piece of mail from yesterday… Do you have a comment or question? As always, e-mail us your comments and questions at feedback@stansberryresearch.com.
“Bravo to subscriber R.T., and I think also we should have a moment of silence for Country Joe.” – Subscriber Sherwin R.
All the best,
Corey McLaughlin and Nick Koziol Baltimore, Maryland March 19, 2026
Stansberry Research Top 10 Open Recommendations
Top 10 highest-returning open stock positions across all Stansberry Research portfolios. Returns represent the total return from the initial recommendation.InvestmentBuy DateReturnPublicationMSFT Microsoft11/11/101,331.1%Retirement MillionaireMSFT Microsoft02/10/121,264.3%Stansberry’s Investment AdvisoryADP Automatic Data Processing10/09/08807.2%Extreme ValueBRK.B Berkshire Hathaway04/01/09776.0%Retirement MillionaireSII Sprott01/11/18679.5%Extreme ValueCIEN Ciena10/20/22666.0%Stansberry Innovations ReportGOOGL Alphabet12/15/16658.7%Retirement MillionaireWRB W.R. Berkley03/15/12625.1%Stansberry’s Investment AdvisoryALS-T Altius Minerals03/26/09554.9%Extreme ValueHSY Hershey12/07/07549.6%Stansberry’s Investment Advisory
Please note: Securities appearing in the Top 10 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the model portfolio of any Stansberry Research publication. The buy date reflects when the editor recommended the investment in the listed publication, and the return shows its performance since that date. To learn if a security is still a recommended buy today, you must be a subscriber to that publication and refer to the most recent portfolio.
Top 10 Totals3Extreme ValueFerris3Retirement MillionaireDoc3Stansberry’s Investment AdvisoryPorter1Stansberry Innovations ReportEngel
Top 5 Crypto Capital Open Recommendations
Top 5 highest-returning open positions in the Crypto Capitalmodel portfolioInvestmentBuy DateReturnPublicationWSTETH/USD Wrapped Staked Ethereum12/07/181,805.0%Crypto CapitalBTC/USD Bitcoin11/27/181,795.9%Crypto CapitalONE/USD Harmony12/16/191,011.6%Crypto CapitalPOL/USD Polygon02/26/21642.5%Crypto CapitalQRL/USD Quantum Resistant Ledger01/19/21567.4%Crypto Capital
Please note: Securities appearing in the Top 5 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the Crypto Capital model portfolio. The buy date reflects when the recommendation was made, and the return shows its performance since that date. To learn if it’s still a recommended buy today, you must be a subscriber and refer to the most recent portfolio.
^ These gains occurred with a partial position in the respective stocks. * Editor Dave Lashmet closed the first leg of this Nvidia position in November 2016 for a gain of about 108%. Then, he closed the second leg in July 2020 for a 777% return. And finally, in May 2022, he booked a 1,466% return on the final leg. Subscribers who followed his advice on Nvidia could’ve recorded a total weighted average gain of more than 600%.
Stansberry Research Crypto Hall of Fame
Top 5 highest-returning closed positions in the Crypto Capitalmodel portfolioInvestmentDurationGainAnalystBand Protocol (BAND)0.31 years1,169%Crypto CapitalTerra (LUNA)0.41 years1,166%Crypto CapitalPolymesh (POLYX)3.84 years1,157%Crypto CapitalFrontier (FRONT)0.09 years979%Crypto CapitalBinance Coin (BNB)1.78 years963%Crypto Capital
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RJ Hamster 