A surprisingly dismal May jobs report this week shocked the market, and may yet sweep the prospect of a June rate hike back under the rug.

However, one of Wall street's biggest bull told CNBC that despite a delay from the Federal Reserve, a June swoon is very much still on the table.

"We're not talking a 5 to 10 percent correction, but we think you're better off buying the dip," Tom Lee, managing partner at Fundstrat Global Advisors told the "Fast Money" traders this week.

According to Lee, a confluence of events make a market 'pause' much more likely. These building financial and market forces include stocks posting three straight months of gains; high-yield spreads setting up to widen; the reversing course, and disappointing economic data that all point to a less liquid environment for equities, he said.

"Things that have been tailwinds are not necessarily supportive in June," said Lee. "We've met with a lot of clients and the ones who've made money through May are booking profits."

While Lee does expect equities to see a pullback, he remains bullish in the longer term. He recommends buying those lows with the expectation of a breakout even higher. Lee's S&P 500 year-end target remains at 2325, 11 percent above current levels.

Despite many economists' belief that the Federal Reserve will push a rate hike to later in the year, the thought of tighter monetary policy shocking stocks into a bear market is not on his radar.

Lee says that when you take a closer look at a composite average of the S&P 500's performance during all of the Fed's hike cycles, the market inevitably begins to rally once again.