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Stocks have a lot of runway to put up gains as investors chase high-performing equities and seasonal strength kicks in, Tom Lee, managing partner and head of research at Fundstrat Global Advisors, said Monday.
Lee, a longtime bull, said many of Fundstrat's clients have reduced their exposure to stocks, but are starting to get nervous that equities will break higher. Other market participants are wary of buying into the market during the fall months, when crashes have historically happened, especially as volatility creeps up ahead of an election fraught with uncertainty, he said.
"You have to remember, because people have anticipated this, I think exposure is low, and that's why there's a chance for people to do some panic buying," he told CNBC's "Squawk on the Street" on Monday.
Lee noted stocks tend to gather momentum in the final months of the year, and markets usually maintain their upward trajectory during this period. The S&P 500 is up more than 5 percent year to date.
As such, he believes investors must stay constructive and buy the dips.
As for the election, he said the market would prefer Hillary Clinton because investors generally are more partial to Clinton for her experience and temperament over Donald Trump's. But Lee added that the outcome of the presidential contest will likely have little impact on the market over the course of the next two to eight years.
That said, health-care stocks could come under some pressure after the election. Clinton has vowed to tackle drug prices, and both candidates say they support allowing the government to negotiate pharmaceutical costs under Medicare.
While Lee thinks health-care businesses are some of the best in the United States, he sounded a cautious note on stocks in the sector.
"They had such leadership for the last seven years, and it's rare for stocks to continue to lead like that," he said.