The current stock market rally is looking "a little extended," Rayomond James Chief Investment Strategist Jeffrey Saut said Thursday.
The S&P 500 has rallied about 12 percent since bottoming in February.
"I do think we go a little bit higher here, but we're 43 sessions into this buying stampede. It's pretty rare to get a buying stampede to go more than 30 sessions," Saut told CNBC's "Squawk Box."
Saut added that while stocks are overbought, any pullback will be small and equities will make new highs in the months ahead.