According to Tom Lee of Fundstrat Global Advisors, the volatile bear market that rocked stocks over the past few months is over. The company’s head of research said in a note to clients that recent events signal that “the bottom is in” and that the stock could hit new highs later this year. According to Lee, the reaction to this week’s news is promising. The market received a wave of worrying economic data from the negative GDP print and another strong 75 basis point hike, but stocks continued to rise. “This is August 1982, the bottom is in but the Fed is two months away from turning it around,” Lee wrote. Lee believes similarities exist between now and 1982, when stocks bottomed out in August of that year — just two months before Federal Reserve Chairman Paul Volcker abandoned his “anti-inflation” agenda. development” and the market recovered from a 36-month decline in just four months. Given these comparisons, Lee said the stock could hit new highs later in the year, with the S&P 500 index breaking back above 4,800. The benchmark hit an intraday record of 4,818.62 in early January. At the same time, global companies continue to post solid earnings per share growth despite a strong US dollar and negative GDP, he added. Lee was one of the first Wall Street strategists to call the pandemic a comeback. He told CNBC in April 2020 that “the faster you fall, the faster you recover,” adding that the market typically recovers half of its losses in half the time it falls. To be sure, heading into 2022, Lee remains overly optimistic about the market and admitted in an interview with CNBC’s “Mid-Hour Report” in March that he was overly optimistic. “Our base case for the first half of this year is that the stock is in jeopardy, but it’s much worse than we expected,” Lee said. “It was a deeper correction than we expected, but I don’t think the contours of the rest of the year changed that much.” Lee maintains a favorable view of the many “FANG” names being beaten, with Apple in five of the company’s six tactical portfolios and Google and Microsoft’s parent Alphabet both in four. Those tech names along with Amazon and Meta are also known as “granny shots,” a name given to stocks in at least two portfolios.