Welcome to Overtime. I'm Scott Wachney. You just heard the bells. We are just

getting started here. In a moment we'll be joined by half times Josh Brown to give

his read on the markets. We begin though with our talk of the tape. The state of

the rally and whether it is running out of gas or simply

just taking a breather.

Let's welcome in Funstrats, head of research, Tom Lee, he just put out a new note on

stocked.

Welcome back, it's good to see you. good to see you see you Scott you say that

stocks are quote whispering bottom what does that mean well I think stocks are

communicating a very different message than the apparent macro that we're seeing, because it's obvious there's inflation problems, restoration hardware is making that pretty clear, and we know the Fed's quite hawkish

and we know there's even commodity risk because of all this the Russian Ukraine war.

And so I think in general we should be really cautious about the macro, but at the same time the stock market is acting far more resilient than what we expect.

In fact, over the past couple of weeks, I think there have been a lot of quantitative signals that have

really signaled bottom, whether it's successive 1% days or positioning, and in the past it's always

been better to listen to the market and I think it's really whispering pretty loudly that we bought.

Yeah but I mean whispering implies that you're not ready to yell bottom.

What gets you there?

Well you know I think with each day that's passing, we're a lot more confident that

glib answer is if we make new highs, then it's really validated that we've bottomed but so far you know we're above the 200 day

it looks like we've broken the down trend I'd love to see more strength from technology but

Scott I would say I think it's our sort of view is we've probably made

the low for the first half of 2022, on through 24, February 24th, which is the day of the invasion.

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