Veteran strategist Tom Lee has warned that the stock market can still rally sharply, despite the risk of a major drawdown in the back half of the year. Lee believes that the recent market choppiness has already eliminated much of the speculation that usually precedes a market peak. This could pave the way for the S&P 500 to jump toward 7,300 later this year, but Lee warns that a 20% drop in markets is likely, triggering a bear market. Despite this, Lee remains optimistic about the future, stating that the market isn't ready for a true bearish leg yet. He also highlighted the potential for higher oil prices and uncertainty around inflation and interest rates.