Tom Lee: The market has already absorbed over 90% of the selling pressure, and stocks typically bottom out within the first 10% of the war progression.

ME News update, April 1 (UTC+8). In an interview with CNBC, Tom Lee said: “I think the market has already absorbed 90% to 95% of the selling pressure. The selling process may already be over, and now we can start rebuilding a base. I believe we must recognize that in a war environment, the stock market often bottoms out early. We studied every war since 1900, and in each case, the stock market bottoms out within the first 10% of the war’s progression. So if this time also follows that pattern, we are currently in the early stage of that process. At this stage, any bit of bad news will trigger de-risking. But you also know that this is why positioning is worth paying attention to, because at some point, when people become too neutral, even if things aren’t actually as bad, the market could still see a round of a V-shaped rebound.” Tom Lee added on social media that even though the “bottom” has not yet been reached, he believes the U.S. economy can withstand $100, even $120, in oil. (Source: ChainCatcher)