Posted 2/7/2024, 3:14:00 AM
Fundstrat: Market Correction Likely After 14-Week Rally, But Long-Term Bullish View Intact
- Fundstrat's Tom Lee predicts a stock market correction is imminent after a 14-week, 21% S&P 500 rally
- Historically after similar rallies, the market peaked within 2 weeks before declining
- Lee expects the S&P 500 to reach around 5,000 before a 7% drawdown to 4,600
- The correction could be sparked by concerns over Fed rate cut timing as the economy weakens
- Despite the short-term bearish view, Lee remains bullish on stocks long-term with a 5,200-5,400 target