Posted 1/31/2024, 8:36:00 PM
Fundstrat's Lee Raises S&P 500 Target to 5,500 on Bullish January Barometer
- Fundstrat's Tom Lee may raise his 2024 S&P 500 price target to 5,500 from 5,200 due to January stock market gains
- Lee accurately predicted the 2023 bull market when most strategists warned of recession
- The January barometer suggests strong full-year returns when January is positive after 15%+ prior year gains
- This scenario has occurred 13 times since 1950, with median 16% returns and 92% win ratio
- In contrast to 2018, Lee says Fed is now easing policy, supporting further stock gains