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Hedge fund veteran Lee sounds warning on stocks

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Equity markets are trading above their fair value and could see a sudden pull-back, according to Fundstrat Global Advisors managing partner and hedge fund veteran Tom Lee.

In an interview with CNBC, Lee warned that the stock market is currently overbought, at 13% above the 200-day moving average, making it more vulnerable to negative developments and a potential sharp correction. negative developments.

Yet Lee indicated that the weakness may ultimately prove to be shallow, with any correction likely to be a phase of market consolidation, during which investors may shift their capital towards other stocks that have yet to experience significant growth this year.

Amid this consolidation, investors might rotate their capital into other sectors while still maintaining exposure to technology, he added.

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