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Tom Lee, founder and head of research at Fundstrat Global Advisors, said he is still bullish on stocks despite the market pullback this week due to a resurgence in coronavirus cases.
"We've had a pretty big setback in the data in the past few days and I think its understandable for stocks to be weak but I think one of the things that we're still constructive on is the idea that states can open safely," Lee — who called the market rebound — said on CNBC's "Halftime Report" on Friday. "I think this is an environment where patient capital is really going to be the best strategy."
A rising number of Covid-19 cases in the U.S. and abroad this week caused investors to ditch riskier assets on fears about the economic recovery. Some states, like Texas, even said it will roll back some reopening measures as cases and hospitalizations spike.
Safely opening is a possibility, said Lee, like he is seeing in New York, New Jersey, Connecticut, Michigan and Maryland.