Fundstrat Global Advisors' Tom Lee said investors should expect more volatility in the stock market this month after Monday's massive sell-off. "It's not a month to be a hero. July is typically choppy," Lee told CNBC's " Fast Money ." Lee's comments came after the Dow Jones Industrial Average tumbled more than 700 points to notch its worst day since last October. An uptick in Covid cases in the U.S. and the continued spread of the highly contagious delta variant intensified concerns about the economic recovery. Coronavirus cases also rose around July last year and sparked a "wobble" in the stock market, Lee pointed out. The strategist and CNBC contributor — known for correctly calling the stock market's ups and downs during the pandemic — said investors are seeing a similar seasonal movement now. This month also tends to bring turbulence for stocks, even aside from Covid concerns, according to Lee. "Julys, at least in my 30 years of doing research, have never been great months for people to really make big profits," Lee said. "When markets are strong in the first half, July tends to be pretty choppy and I think that's playing out pretty textbook," he added. Lee emphasized he does not believe Monday's sell-off marks the end of the bull market and continues to predict a double-digit return for stocks in the second half of 2021. But in the near term, he said investors should expect continued instability. "For the next couple of weeks, I think it's tough," Lee said.
Tom Lee, Fundstrat Global Advisors
Scott Mlyn | CNBC
Fundstrat Global Advisors' Tom Lee said investors should expect more volatility in the stock market this month after Monday's massive sell-off.