Tom Lee, Fundstrat’s managing partner, still believes that the markets can go higher after Donald Trump’s US Presidential election win earlier in the month.
Lee, also Fundstrat’s head of Research, said in an interview with CNBC in which he believes that the “Trump trade” is intact, despite the recent pullback in the stock markets.
Mark Newton, our technologist, would call this a support level. The NASDAQ has reached the line of support. S&P has done a 60 percent retracement of its recent rally, and small caps have held their previous highs. All of these levels are bullish.
Fundstrat’s managing partner believes that the markets are correcting now due to Trump’s Department of Government Efficiency, a presidential advisory panel that is proposed and will be focused on cutting bureaucracy.
Elon Musk, the billionaire Tesla CEO and Vivek Ramaswamy, former Republican Presidential candidate will be leading The DOGE.
Lee claims that the commission may make cuts in sectors such as healthcare, industry and defense.
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This article Fundstrat Tom Lee says the stock market is still at bullish support levels with ‘Trump trade’ intact appeared first on The ICD.
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