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‘Big Smokestack’ U.S. Recovery Coming: Strategist

Monday, 17 Aug 2009 | 12:33 PM ET

This is a good opportunity to leverage towards a cyclical recovery, said Thomas Lee, chief U.S. equity strategist at JPMorgan.

“This is a very healthy correction,” Lee told CNBC. “We think there’s going to be a pretty big smokestack recovery in the U.S.”

CNBC Market Edge
Thomas Lee, of JPMorgan, and Bernard Beal, of M.R. Beal & Co, share their market strategies.

Lee also said the global industrial production recovery in the emerging markets is looking “very V-shaped.”

“That will eventually spill over into U.S. to a self-reinforcing GDP recovery,” he said.

In the meantime, Lee said the U.S. government’s cash for clunkers program helped improve global auto sales.

“Global auto sales are near their 2007 highs, so it’s helped motivate auto sales to a higher level—even as the incentives are rolling off,” said Lee.

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Disclosure:

No immediate information was available for Lee or his firm.

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