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Stock market outlook: 6 reasons why stocks bottomed in October and will rally

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Here are the 6 factors that suggest the stock market bottomed last October and will continue to rally from here

Tom Lee has growing confidence that the stock market already bottomed in October and is poised for more gains ahead.

In a Thursday note to clients, Lee made the case that investors remain too pessimistic and should get on board with the idea that a new bull market has started, especially given that equity valuations are not stretched. "Markets bottom before fundamentals 80% of the time and S&P 500 P/E is 15x ex-FAANG," Lee said."This is hardly expensive. In fact, among the most expensive sectors are defensives like Staples , Utilities , and Healthcare ."These are the six reasons why the stock market already bottomed in this bear market cycle and is poised to continue to rally towards Lee's 2023 year-end S&P 500 price target of 4,750, according to the note.

 

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