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Tom Lee: The market has absorbed over 90% of the selling pressure, and the stock market usually hits bottom within the first 10% phase of the war process
Tom Lee stated in an interview with CNBC: "I believe the market has absorbed 90% to 95% of the selling pressure, and the selling process may have ended. We can now start to rebuild the bottom. We must recognize that in a war environment, the stock market often hits bottom early. We have studied every war since 1900, and the stock market tends to bottom out within the first 10% of the war process. So, if this follows the same pattern, we are currently in the early stages of that process.
At this stage, any bad news can trigger people to de-risk. But you also know that this is why positions are worth paying attention to, because at some point, when people become overly neutral, even if the situation is not that bad, the market could see a V-shaped rebound."
Tom Lee also added on social media that even if the "bottom" has not yet been reached, he believes the U.S. economy can withstand $100, or even $120, oil.
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