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Tags: Lee | 2 | 100 | S&P 500 | year-end

Thomas Lee Holds to Forecast of 2,100 for S&P 500 by Year-End

By    |   Wednesday, 12 November 2014 06:09 PM EST

Thomas Lee, co-founder of Fundstrat Global Advisors, hasn't dropped his forecast for the S&P 500 index to reach 2,100 by year-end.

That would represent a 3 percent move in the next 6 ½ weeks from Wednesday's close of 2,038.25. That may not sound like much of a gain, but it equates to an uncompounded annual rate of 24 percent.

"We're in a seasonally strong period, so I think the markets will close above our targets," Lee told CNBC. "I would say if you feel uncomfortable being long, it's a good sign because that's how bull markets should feel."

Lee, like many other analysts, expects interest rates to rise next year, but he doesn't believe that will hurt stocks.

"I think it's going to be a tougher case to be made that rates go lower next year, because there's a lot of pent-up demand, there's a lot of cash on the sidelines," he said. "Europe is stabilizing, China is stabilizing. Things that should make us think more about reflation, not deflation."

Others share Lee's bullishness, even during days of market weakness.

"As it happens very often, we see a dip and people buy in," Steve Bombardiere, an equity trader at Conifer Securities, told Bloomberg. "There’s still some fear in the market that if you don’t buy in, you’re left watching.”

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Finance
Thomas Lee, co-founder of Fundstrat Global Advisors, hasn't dropped his forecast for the S&P 500 index to reach 2,100 by year-end.
Lee, 2, 100, S&P 500, year-end
240
2014-09-12
Wednesday, 12 November 2014 06:09 PM
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