A 'vigorous move' will push stocks another 5% to record highs before year-end — and it'll be driven by skeptical investors who still have ample cash to deploy, Fundstrat's Tom Lee says

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• Stocks are set to move to record highs as investor disbelief in the current market rally shows no signs of abating, according to Fundstrat's Tom Lee.
• In an interview with CNBC's Scott Wapner on Friday, Lee explained that he is still hearing a lot of investor skepticism from clients as the S&P 500 flirts with record highs.
• That, combined with $5 trillion in cash sitting on the sidelines, sets the stage for stocks to make a "vigorous move" higher, Lee said.
• Lee boosted his year-end price target for the S&P 500 to 3,525 from 3,450, representing 5% upside potential from current levels, and said the rally will be in part driven by "epicenter" stocks.
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Despite the S&P 500 index knocking on the door of all-time highs, investors continue to show signs of disbelief and are not embracing the current market rally.

That's according to Fundstrat's Tom Lee, who said in an interview with CNBC's Scott Wapner on Friday that stocks are set for a "vigorous move" higher thanks to investor skepticism and $5 trillion sitting in cash.

See the rest of the story at Business Insider

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