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Stocks could hit record highs this summer on cautious investor positioning and better-than-expected COVID-19 data, Fundstrat’s Tom Lee says

The stock market has been resilient amid rising COVID-19 cases in the US, suggesting that investors had been “bracing for a more dire path regarding COVID-19,” Tom Lee said in a note published on Monday.
That, combined with cautious investor positioning toward equities, means the stock market is in “risk-on” mode and could hit record highs this summer, Lee said.
With mutual funds holding elevated levels of cash, and hedge funds turning bearish in June, investors should remain overweight stocks, Lee concluded.
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A resilient stock market amid a surge in COVID-19 cases and cautious investor positioning toward stocks suggests the S&P 500 index could hit record highs this summer, according to a note published by Tom Lee’s Fundstrat on Monday.

Lee said markets have been “bracing for a more dire path regarding COVID-19,” which despite the rising infections has yet to see a sustained increase in hospitalizations and fatalities.See the rest of the story at Business Insider

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