Tom Lee: Last week’s tech sell-off was the final washout; the market has completed its final bottoming phase
Nov. 10 — Fundstrat co-founder Tom Lee said in an interview with CNBC on Monday that last week marked a market bottom, not the start of a deeper correction, and that the tech sell-off had completed its final washout.
The market’s resilience in the face of bad news was the main basis for this view. Negative news piled up over the weekend, including a scandal involving Nvidia CEO Jensen Huang and action taken by Texas against Elon Musk’s companies, yet the market rose rather than fell on Monday.
Commenting on this market behavior, Tom Lee said that “the market rising rather than falling on bad news” is a classic sign of a bottom, meaning pessimism has been fully priced in.
In addition, the VIX term structure, which reflects market fear, has normalized. The curve inversion seen briefly last Monday has disappeared, and the indicator has returned to normal—a development that often signals the end of panic selling.
Overall, Lee sees last week’s tech sell-off as more like the final stage of forced liquidation than the start of a new downturn. With fear easing and risk indicators recovering, the market may be at an important turning point, laying the groundwork for a subsequent rebound.
#美股底部判断
Nov. 10 — Fundstrat co-founder Tom Lee said in an interview with CNBC on Monday that last week marked a market bottom, not the start of a deeper correction, and that the tech sell-off had completed its final washout.
The market’s resilience in the face of bad news was the main basis for this view. Negative news piled up over the weekend, including a scandal involving Nvidia CEO Jensen Huang and action taken by Texas against Elon Musk’s companies, yet the market rose rather than fell on Monday.
Commenting on this market behavior, Tom Lee said that “the market rising rather than falling on bad news” is a classic sign of a bottom, meaning pessimism has been fully priced in.
In addition, the VIX term structure, which reflects market fear, has normalized. The curve inversion seen briefly last Monday has disappeared, and the indicator has returned to normal—a development that often signals the end of panic selling.
Overall, Lee sees last week’s tech sell-off as more like the final stage of forced liquidation than the start of a new downturn. With fear easing and risk indicators recovering, the market may be at an important turning point, laying the groundwork for a subsequent rebound.
#美股底部判断
