Tom Lee: 9 month rally "is the start of a new bull market"

In our view, the stock market bottomed October 12, 2022, and the rise over the past nine months is the start of a new bull market.  We have had a huge decline in inflation, and the inflation war is the war the Fed is waging and seemingly winning.

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If inflation is cooling, and therefore people become more confident that two rate hikes are the most, or maybe there’s not even two hikes, then I think it’s going to ease financial conditions, so interest rates and bond-market volatility should be diminishing

~ Tom Lee, "He called the 2023 stock-market rally. Here’s what Wall Street’s biggest bull sees for the second half.," MarketWatch, July 6, 2023

Thomas Lee sees plenty of "dry powder" on the sidelines

Retail investors have been selling stocks and buying bonds so far in 2019. And hedge fund net long positions are among the lowest levels in 5 years. Hence, only the long only funds are fully exposed to equities. With so much on the sidelines, markets near highs, and with manager underperformance, we see this dry powder as a key dynamic.

~ Thomas Lee, Fundstrat Global Advisors, from research note, May 6, 2019