Welcome to overtime. I'm Scott Walkney. You just heard the bells. We of course right here

post nine just getting started in just a little bit. I'll be joined right here at post nine by

funstrats Tom Lee. A new month beginning for your money. It's gotten off to a volatile start, an interesting turn into the

close today. Does it mean more pain is ahead or a stock's closer to a bottom? We were

going to ask Tom and he's going to tell us. We begin though with our talk of the

tape. A big call by someone who's gotten this market repeatedly right

Cander Fitzgerald Eric Johnston who now says he is turning tactically bullish on stocks he's come here to post nine to make his case. It's good to see you.

You were coming here to make the case before we had this nice move off of the bottom

today. Why is today the day that you say is time to get more bullish?

So we have the Fed meeting on Wednesday and we think that's time to get more bullish. So we have the Fed meeting on Wednesday,

and we think that's going to be a clearing event for markets.

If you look at the Fed since the last meeting,

financial conditions have tightened sharply since then.

The 10 years gone from 2.15% to 3%, equities are down 5%, the dollars rallied 5%.

So with financial conditionings tightening as they are, we think the Fed is going to be slightly more dovish

than the market is expecting and we're going to have the event behind.

In addition to that sentiment in positioning right now is at extreme low levels.

You have hedge fund net exposures at a year and a half lows,

CTAs are net short, and a lot of these sentiment readings are at 10 to 15 year lows and the data that we've

run suggests that over the next three to four weeks we are going to see a fairly sharp

rally off of that.

Okay so the reason you pay attention to what he said I mean anybody can show up and make a call.

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