Tom Lee: Market is in a good position to rally 'as long as inflation tracks better than expected'

Guess who’s here? Tom Lee, Fundstrat Global Advisors Co founder and a CNBC contributor. I was thinking, who would I like to talk to? And here you are. There are some reasons that you think maybe we’re nearing the end of whatever you want to call this, this tough period for the past two weeks. Yeah, it’s it’s been a painful two weeks. I think some of the ways to think about why we’re near an end is inflation expectations have way overshot to the upside. You know, one year forward inflation is at one at 4.5%. It’s where it was in October 2022, March 23, October 2323. So at the peak pessimism, that’s one thing. Yeah, short interest has soared like one week. Goldman shows one week in short interest in ETFs rose by the most since 2022. Median short interest in stocks is at basically three-year high. We’re really oversold. If you look at internal measures like the percentage of stocks over their twenty day moving average, it’s down to 8%. Again, a turning point and now we just need a positive catalyst. I think as long as inflation tracks better than expected, I think we’re in a good position to rally. You look at different things in Katie stock and obviously she said that there has been some damage. Therefore, she thinks there’s maybe some more work, not maybe not a whole lot more work, but but maybe some more. Do you look at that, that has there been some damage or do you think do you see all positive indicators as far as maybe we’re getting close to the end of the beginning of the end, End of the beginning? Yeah, I think it I think probabilities should probably is what she’s looking at and I think there has been a lot of damage to the markets. But there are ways to look at why things could be turning. Mark Newton, our head of technical strategy, says the cycle turn date he was looking for is April 20th. And that’s 420. Yeah, 420. Perfect. And you know, if you look at things like the demark count, we’re at almost a 7. So we’re only one or two days from a potential bottom, our turning point, and we’re oversold. We actually got oversold really quickly. Yeah. I don’t know why. Well, they say bull markets rise in an escalator, fall in an elevator. So it’s what you’d expect in a rising trend is sharp corrections and it shakes people out. And I think there’s a lot of top callers. But to me, I, I think this is a good opportunity. So also the day before 420, you know, 4/20/20 fours frontwards and backwards. Oh, it’s a palindrome, certainly is. But the day before was the having. And what does that mean to you for, for your Bitcoin? It’s a, you know, it’s a reminder of the sound money of Bitcoin, right? Because it’s preprogrammed every 210,000 blocks to cut the block award. We know it means you’re cutting supply. But demand has been strong. And actually Bitcoin network usage has really been strong because of things like Bruin protocol. So you’ve kind of made the demand side stronger and the supply side smaller. So I think it’s upward pressure on price. So do you you always have crazy forecasts. What’s your forecast now? And I’m doing something while you’re doing. Yeah, Well, I, I think Bitcoin definitely makes new all time highs this year. So we think something like 150,000 is probable this year. And then longer term, I don’t think there’s anything wrong with those targets. People have like half a million for Bitcoin or or much higher. I was opening this for Andrew because first thing I read this room, it was up The Dirty money flying under billions and I kept looking for the B word and it’s Jesus. It’s just not anywhere here, not one thing about Bitcoin being used for the money laundering. So it can be done without Bitcoin, I guess. Yes, I think that money launderers have since the beginning of time, since the beginning of time. We always point that out, right? I think it is good. I mean ransomware is always Bitcoin and that is the nastiest kind of of I think extortion. So I mean, there, there can be some uses, but you can use cash, right? And you, did you see that you saw, did you think about me? I thought about you when I read that.