Jeffrey Saut has been around the market for a long time but says he's never seen anything like what's happening now.
As a result, the chief investment strategist at Raymond James is heading for the sidelines, choosing not to participate in something that is, at least for the time being, eluding his grasp.
"Folks, I have been in this business for over 46 years, and observing markets with my father for 54 years, and I have never experienced anything like what is currently happening," Saut told clients in a note Thursday morning.
Saut's daily missive is required reading on Wall Street. His lengthy tenure in the business has gained him a place among the must-follows, as he's known as a mostly bullish strategist though with a pragmatic approach.
However, he said the market since early February has left him flustered.