Now is not the time to panic. The time for that, in fact, was about a month ago.
That's the view from Jeffrey Saut, the widely followed chief investment strategist at Raymond James, who believes investors missed a selling opportunity in December and now need to ride out the current volatile wave.
Saut warned clients in late December that his timing models suggested a tumultuous period ahead for markets. He repeated that call during 2015's first week of trading when he noted that he was looking for "increased volatility in the first couple months of the year" after a 15 percent rally from the October lows.
During that period, he said, investors should have been raising cash as they waited for signs that a bout of selling was over.
"It is too late to panic," Saut wrote in a note to clients Thursday morning. "The time to raise cash was a month ago, not now. Now it is time to make your 'shopping list,' looking for the opportunity to selectively redeploy that cash into preferred equities."