'It could be a huge downside surprise,' Lee added.
Tom Lee told CNBC on Monday that the S & P 500 may jump 100 points following a lighter-than-expected inflation reading this week. "We thought a tactical sort of opportunity was emerging because last week the market sold off because the jobs report was too strong, yields really popped so investors are kind of [fearing] Fed higher for longer [and are a] little bearish in to this week and I think core CPI could come in at 0.
SPX YTD mountain S & P 500 YTD Lee said the 0.2% readings could be repeatable in the next few months, which would show the Fed is getting inflation back down near its annual inflation target of 2%. Lee expects short-term yields to decline, helping to trigger the rally. The 2-year Treasury yield hit a 16-year high last week.
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