Fundstrat managing associate Tom Lee nonetheless thinks the markets have room to run following explosive beneficial properties after Donald Trump’s US presidential election victory earlier this month.
Lee, who additionally serves as Fundstrat’s head of analysis, says in a brand new interview with CNBC that he thinks the “Trump commerce continues to be intact” regardless that the inventory market has pulled again in latest days.
“I feel a lot of the main indices have pulled again to what could be technically considered by our technician Mark Newton as assist. So the NASDAQ is on the assist line. S&P did a 60% retrace of its latest rally and small-caps have held above their prior highs. These are all bullish assist ranges.”
The Fundstrat managing associate speculates that markets may at the moment be correcting resulting from Trump’s upcoming Division of Authorities Effectivity (DOGE), a proposed presidential advisory fee that may deal with slashing paperwork and public sector spending.
The DOGE, an acronymic reference to the favored meme asset Dogecoin (DOGE), is about to be headed up by billionaire Tesla chief government Elon Musk and former Republican presidential candidate Vivek Ramaswamy.
Lee says the fee may enact cuts to sectors like healthcare, industrials and protection.
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