The S&P 500 has surged 8 percent from its recent low and that has one of Wall Street's biggest bulls calling for new highs as early as May.
On CNBC's "Fast Money" Monday Tom Lee reiterated his call that the S&P 500 could rise to 2,325 by the end of 2016. He also said that a recent shift in sentiment, coupled with a turning point in many of the perceived market risks, lead him to believe the large-cap index can return to its prior high of around 2,134 in the next two months. The S&P 500 is currently trading less than 10 percent below that level.
"I think in January and February [the feeling] was universally negative, but in the last two weeks things have really changed," said the Fundstrat Global Advisors head of research. Lee pointed to the stabilization of the oil market, flattening of the dollar, out-performance of the high-yield market and diminishing fears of a collapse in China as reasons for investors to take the glass half-full approach to the market going forward.