Mixed data were released Wednesday. Jobless claims rose by 21,000 to 313,000 last week, pending home sales fell 1.1 percent in October and a gauge of business activity in the Chicago area came in below expectations.
Read MoreUS jobless claims rise, but so do durable goods
In addition, orders for durable goods rose in October and consumer spending rebounded last month, rising 0.2 percent. Consumer confidence also hit a 7-year high this month.
The markets fluctuated on the news Wednesday morning but stayed near their record highs.
However, Lee isn't worried that stocks are overvalued and believes the market will power higher.
"Once a bull market is four years or older, it really comes down to the business cycle turning," he said. "We still have years of business expansion, which is bullish for stocks."
Lee has said in the past that the S&P 500 will surpass 2,100 this year and could hit 2,300 by April.
Read MoreS&P has 3 more years of double-digit gains: Tom Lee
Right now, he thinks the "sweet spot" of the market is the health-care trade and being long tech. He also said financials and energy could surprise and do well in the next few months.
"Energy, I think, is a contrarian trade, because people have been so focused on the decline in oil," Lee noted.