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Actionable news in QQQ: PowerShares QQQ Trust, Series 1,

3 reasons S&P will make new highs: Longtime bull

The weakening dollar and strengthening oil are laying the groundwork for the stock market to really pop, said Tom Lee, co-founder of the boutique equity research firm Fundstrat Global Advisors.

"We're in a much better position to sustain new highs," Lee told CNBC's "Squawk Box" on Friday. In addition to the flipped script on the dollar and oil, "high-yield is [also] acting completely different," he said.

"In the last year, I'd say the mistake [investors] made was really ignoring the message from high-yield [bonds]," he said. "As a tactical argument, that would have put people in the right place at the right time."

"High yield started rallying in early February. The markets really...


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