Why this bullish pro sees big market drop soon

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Why the correction calls are wrong

The summer of 2014 is starting to look a lot like the summer of 2011, according to one Wall Street strategist who sees a sharp stock market slump lurking over the next couple of weeks.

Though he is otherwise strongly bullish, Jeffrey Saut, chief market strategist at Raymond James, believes a run higher that has been virtually unabated for the past two years now faces a major challenge.

In 2011, as now, the major averages hovered around psychological barriers. In 2011, it was a sort of gravitational pull lower for the , which peaked at 1,356 then began an aggressive slide to 1,100, a level it would crack in early October before making a bottom shortly thereafter.

In this case, the S&P 500 is flirting on the upside with 2,000, the Nasdaq has held above 4,000 since April and the Dow industrials index has eclipsed 17,000. Citing corroborating opinions from Marketfield Asset Management and Thackray's Seasonal Investment Guide, Saut sees the market heading into a summertime swoon that has been replicated before.