The bull market in stocks is not really 5 years old because analysts are using the wrong low to measure its duration, Raymond James Chief Investment Strategist Jeff Saut told CNBC on Tuesday.
"We made the nominal low in March 2009, but we made the valuation low, by my pencil, in October 2011," Saut said in a "Squawk Box" interview. "So we're about 32 or 33 months into this."
During that time, the S&P 500 has risen nearly 65 percent.
In making his argument, Saut pointed to history. "Nobody measures the 1982 to 2000 secular bull market from the nominal price level of December 1974. They measure from the valuation low."
He also predicted that the Dow Jones Industrial Average should make new highs soon based on Dow Theory. "Just about two weeks ago, you had an all-time high for the Dow [Industrials] and the Transports. So you got a confirmation."
The Dow Transports closed at a record high on Friday, and so did the S&P 500, finishing above 1,900 for the first time ever. The Dow Industrials are less than a percent away from their record close.
While stocks have been making new highs, bond yields have been defying expectations and heading lower. The 10-year Treasury yield is trading around 2.5 percent.