Fundstrat managing partner and head of research Tom Lee says that markets are setting up to rally into 2025 no matter who wins the US election.

In a new interview on CNBC, Lee says that while the election has caused some “trades to reverse,” it’s also placed cash on the sidelines and ready to boost markets when the uncertainty has passed.

“I’m bullish only in the sense that election uncertainty has caused people to derisk and cash to sit on the sidelines but the fundamentals have been good, earning seasons have been very good, the Fed is dovish and I don’t think it’s going to matter who ends up in the White House even if it’s a split Congress or a sweep, I think markets do pretty well either way. So it sets up for a really good rally into year-end, but when it starts in November is just what we don’t know.”