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Stock swings that sent volatility up 30 percent in a week are distracting investors from a U.S. economy that warrants a further run in the bull market.
So says Thomas J. Lee, the former JPMorgan Chase & Co. chief equity strategist and co-founder of Fundstrat Global Advisors LLC, who predicts a rally as profit estimates rise and manufacturing improves. Lee spoke in an interview yesterday as the Standard & Poor?s 500 Index fell for the fifth time in seven days and the Chicago Board Options Exchange Volatility Index jumped to the highest level in almost two months.
?A lot of people are talking about a 10 percent correction coming, and with three months left in the year you have people wondering if it?s worth being long the market,? Lee said. ?It makes me wonder that if everybody?s cautious, could the market surprise us? The underlying economy is still doing well and there?s a lot of pent-up demand.?
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