Stocks hitting all-time highs following the Fed's decision to continue its stimulus program unabated show that there was plenty of money sitting on the sidelines, JPMorgan Chief US Equity Strategist Tom Lee said Wednesday.
"I think there were a couple of positive takeaways from today's action," he said on CNBC's "Fast Money."
The first was that the move in the bond market spurred a change in expectations of how bonds should be valued, Lee said.
The second was that cyclical stocks rallied.
The third was that investors appeared to have been underweight equities. "I'd say that at the end of the day, it's just telling me that investors were underweight risk going into this, and now I think we're forcing people to make decisions as well."
Lee, who held a 1,775 target for the S&P 500, said that the day's moves were positive for the market.