Fundstrat Global Advisors Managing Partner and Head of Research, Tom Lee, with a super-bullsih call:

S&P 500 will rise 4% to a record 5,500 by the end of this month

Speaking in an interview with CNBC (gated). In brief, Lee citing:

  • Inflation is coming in softer than expected and I think the job market is cooling, but not weakening dramatically.
  • And I think that’s a good situation for equities.
  • The sell-off in April actually hasn’t really been fully recovered. That’s why we expected a rebound in May, but I think that carries over into June.
  • There’s still $6 trillion of cash on the sidelines and margin debt is still way below where it was in October of 2021, so we know investors really aren’t that long yet.
  • So I think that comes together this month, with a pretty surprisingly robust move higher.
5500 forecast S&P 500 05 June 2024 2

5,500 is off the charts! This one, anyway ;-)