Longtime bull Tom Lee said Friday it's been tough lately to be positive on stocks, but too many investors may have have tilted to the bearish camp.
Lee, co-founder of boutique equity research firm Fundstrat Global Advisors, did acknowledge that "investor confidence has been shattered," which could pressure the market in the near term. But he views the 2016 turmoil as a growth scare, not a recession.
With only two days of trading left in the month, stocks were on track for a second-straight week of gains and a positive month — quite a different story from January's dismal start of 2016. In Thursday's powerful rally, the Dow Jones industrial average joined the S&P 500 in pulling out of correction territory.