Fundstrat's Tom Lee explains the 'three market phases' he is watching this year

• Q1 earnings beat expectations, potentially adding 800-1000 S&P points, explaining the rally since April.
• Market faces headwinds until October, including a new Fed chair, energy shocks, and IPO unlocks, which could feel like a bear market.
• Post-midterms, a strong rally is expected, with 2027 potentially seeing some of the best returns ever.
• Belski emphasizes 2026 as an earnings-driven, volatile market with potential 5-10% corrections into the fall.
• Warns against complacency with large stock moves (e.g., Snowflake, Micron) becoming routine, leading to potential downside.

Tom Lee and Brian Belski discuss the market's trajectory, with Lee outlining a 'three-phase market' including a strong Q1 earnings beat, a period of digestion until October, and a strong rally into 2027. Belski concurs on an earnings-driven, volatile market in 2026, expecting corrections before a broadening out, and warns against complacency.