Fundstrat managing partner Tom Lee still thinks the markets have room to run following explosive gains after Donald Trump’s US presidential election victory earlier this month.
Lee, who also serves as Fundstrat’s head of research, says in a new interview with CNBC that he thinks the “Trump trade is still intact” even though the stock market has pulled back in recent days.
“I think most of the major indices have pulled back to what would be technically viewed by our technician Mark Newton as support. So the NASDAQ is on the support line. S&P did a 60% retrace of its recent rally and small-caps have held above their prior highs. These are all bullish support levels.”
The Fundstrat managing partner speculates that markets could currently be correcting due to Trump’s upcoming Department of Government Efficiency (DOGE), a proposed presidential advisory commission that will focus on slashing bureaucracy and public sector spending.
The DOGE, an acronymic reference to the popular meme asset Dogecoin (DOGE), is set to be headed up by billionaire Tesla chief executive Elon Musk and former Republican presidential candidate Vivek Ramaswamy.
Lee says the commission could enact cuts to sectors like healthcare, industrials and defense.
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