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 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."
He also plays down the concerns of those who say falling oil prices point to a depressing story about global growth.
"I think everyone needs to realize that lower oil is very good for developed countries on balance, because it's a transfer of wealth from the producing countries to the consuming countries," he said. "I don't really have a view [on where oil's going], but I don't think oil is telling us the world economy is in big trouble."
Lee expects the S&P to keep rallying into the end of the year, rising to 2,100, and "following through pretty strongly in the first half of the year."
Of course, not everyone is so bullish right now. Contrary to Lee, Jeff Saut of Raymond James believes that the recovery from the lows has already been made.
"As I measure the equity markets' internal energy, it has been totally used up in this upside dash from the October 15th lows," Saut wrote in a note Thursday. "I think the odds favor a near-term trading top between now and Friday."