Renowned strategist Tom Lee shares 3 top sectors to buy to leverage a fully open US economy for the rest of 2021— and breaks down an oil-driven trade with more than 370% upside
However, since April 27, tech has weakened during the earnings season while energy, financials, and materials have strengthened, according to Lee.
Within energy, he finds the most upside in the oilfield services sector, which was also upgraded by Barclays' energy analyst David Anderson recently. to reach $80 a barrel by the summer is"awfully low" because capital expenditures for the energy sector globally are down $300 billion a year due to the Covid-19 pandemic.
"You're literally taking out one OPEC nation's worth of oil production, that will take years to come back," he said."Number one, how do you not drive a higher equilibrium price for oil. And number two, oilfield services Capex visibility is going to completely reverse, there's a huge Capex ramp coming."
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