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Top strategist Tom Lee sees August market decline

Tom Lee
Katie Kramer | CNBC

Fundstrat's Tom Lee, one of the most consistently bullish and correct strategists during this seven-year bull market, is now worried the market will trade down next month.

"We are scared about the month of August," Lee wrote in a note to clients Friday. "A few recent developments suggest August is likely to be a down month. We are not changing our views and we remain buyers of weakness — however, for our tactically minded clients, it may make sense to fade strength and be prepared to add to weakness in August."

Here's why and which stocks he recommends clients own for this roller-coaster ride.