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Guru Tom Lee Says Wall Street Shock Selling is Over “Bottom is here”

Guru Tom Lee Says Wall Street Shock Selling is Over "Bottom is here"

We at Classiarius like winners. We follow Mr Tom Lee of Fundstrat closely, not only because of his early start in cryptocurrencies and blockchain but because he made brilliant market directional calls in 2015, 2016 and 2017 – he has been consistently right at times when he was one of the few bullish leaders on Wall Street. This is not luck, this is talent. 

Pointing out the sell-off in October, Mr Lee said “the bottom is here” and that we are currently seeing “unusually sold-off levels” in the major indices. He says that the message is to get aggressive and “buy what was clobbered.”

He pointed out that a 10% decline in 20 days is a 2 standard deviation event – as we all know, some stocks went into a free-fall and never truly found a base. Some of these names have moved into what we call excessive oversold positions. These sell-offs are underscored by 50, 100 and 200 day moving averages breaching on high volume. We see the logic in Mr Lee`s comments, but he is rather aggressive. He thinks that there will be a 10 percent rally into the year end. 

We see another week of selling and price searching for major stocks. Yes, we like buying but think that right now is just a bit too early. If you are a long-term investor, it really does not matter. More on these levels later this week and next. 

Team Classiarius

JMB

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Classarius is the only data driven news for blockchain, cryptocurrencies and technology from investment professionals.
Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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