Fundstrat's Tom Lee says many investors turned from bearish to having a bit of FOMO
Per Business Insider
Fundstrat's Tom Lee, the head of research, is talking about how some investors are actually transitioning from being bearish to feeling FOMO (fear of missing out) with regard to the recent bullish market moves.
Lee also highlighted how the US was going towards expansion and not a recession. The report by BI describes Lee as "one of the most bullish voices on Wall Street." In a statement to CNBC, he described how there wasn't a commodity shock with companies that de-stocked have started restocking.
Lee: "I think these are conditions for profits to actually outperform and at a time when investor positioning is so offside it's really been very obvious people have been really cautious and I think they've now turned from being bearish to having a bit of FOMO,"
Lee also commented on how the S&P showed strong growth this year that was mostly backed by mega-cap tech stocks. Lee mentioned Facebook (now Meta), Amazon, Apple, Netflix, and Google.
While Lee was bullish, JPMorgan's Marko Kolanovic warned investors that a recession could still happen. The strategist urged people to still be cautious about the market.
In February, investor Jeremy Grantham noted that the stock market could crash 50% this year as the "bubble" enters its final phase.
See flow at unusualwhales.com/flow.
Other News:
- JPMorgan's Marko Kolanovic warns that a recession could still happen
- Investor Jeremy Grantham has said the stock market could crash 50% this year as the bubble enters its 'final phase
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