TOM LEE: 7,800 FIRST, THEN A 10 TO 15% PULLBACK WORTH BUYING
He still thinks the market is in an up phase before a correction comes later for understandable reasons:
- Near term, he sees 7,700 to 7,800 first
- Then a 10 to 15% pullback driven by the Fed, a major IPO unlock, and petroleum shortages
- But earnings are strong, investors are offsides, and he thinks fund managers buy the dip