U.S. stocks rise despite bad news as Tom Lee sees more evidence of last week's low

U.S. stocks’ resilience to bad news and a normalization in volatility measures added to evidence that the market reached a low last week, according to Fundstrat’s Tom Lee. Speaking in a CNBC discussion on November 9, Lee pointed to two encouraging developments following the previous week’s sharp selloff: gains in stocks facing negative news and a reversal of an inversion in the VIX term structure. Lee noted that stocks rose despite weekend news involving Nvidia and action by Texas against Elon Musk’s companies. He described the market’s ability to advance on bad news as a positive signal. The second development involved the relationship between the four-month and one-month VIX, a measure of expected market volatility.

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