After a swift flush in the middle of October, stocks find themselves back in record territory. And according to Thomas Lee of Fundstrat Global Advisors, that roller-coaster action clearly points the way for the S&P 500 to rally another 13 percent in five months' time.
"Whenever the market has a deep decline like we saw, typically the bounce that follows is around 20 percent over the next six months," Lee told CNBC. "From the low of 1,850 or 1,900, that's close to 400 points, which would take us to 2,200 or 2,300 by April."
A level of 2,300 would be about 13 percent higher from Thursday's trading.
Yet Lee going on more than historical precedent. He says current market fundamentals set up well for continued gains in equities.
"It's been a pretty dumbfounding market, and I think there's been a lot of skepticism about the bounce," Lee said Thursday on CNBC's "Futures Now." "There are concerns that utilities have been rallying. Of course, (there are) the global issues. So I think there's enough of a wall of worry that the market can still surprise to the upside."