JPMorgan's Thomas Lee on When to Buy Stocks (VIX, SPX, SPY)

On CNBC yesterday, JPMorgan's chief U.S. equity strategist Thomas Lee had positive views on the jobs report even though it missed analyst estimates, but I think his views on the market were more important. When CNBC's Simon Hobbs asked him if "now was the time to buy", Lee replied:

"I think we are getting close, Simon. I think the things we just haven't seen yet is capitulation. You know, I think we need to see the VIX (volatility index) get to that 30 to 40. We need to see the percentage of stocks trading above the 200 day drop to that 10 to 20% level. So, a real sign of a washout.

Overall he is bullish on U.S. stocks and the U.S. economy, which he's been since early 2009. Watch the CNBC video clip for more details. I also included charts of the VIX and % of NYSE stocks trading above the 200 day moving average with links.

Source: (direct link)

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