Don’t be fooled when you see stock prices rising through year-end because a 2017 correction is looming, one of Wall Street’s biggest bulls warned on CNBC on Wednesday.
“I think there’s a good chance people have too optimistic expectations for 2017,” Tom Lee, co-founder of Fundstrat Global Advisors, said in an interview on ” Squawk Box .”
Lee said that while it’s appropriate for investors to expect markets to move higher as a result of a pickup in inflation, expectations of less regulatory pressure and more money flowing into the market, a pullback in 2017 is very possible.
“If I was an investor and I was in cash, I wouldn’t try to time the market to make the best return in the next 12 months,” he cautioned. “I wouldn’t be a surprise if we had a 10 percent pullback next year.”
A correction is defined as a decline of at least 10 percent.
Lee said investors should be bearish about 2017. “We have to start thinking now about the Fed raising rates next year, and that … creates some risk for markets,” he said.
As for the Dow, which has been flirting with 20,000 , Lee said he was looking forward to an even bigger landmark: 30,000. “But when?” he asked.
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