As the Dow Jones industrial average tracks for its biggest monthly drop in 15 months, strategist Jeffrey Saut told CNBC on Thursday he's looking for a near-term stock market bottom.
Referring to his proprietary market timing model, Saut said: "My model ... got cautious at the end of January. We've been in cautious mode since then."
But the Raymond James chief investment strategist is getting ready to change his tune. "I'm actually looking for a bottom for the first time since we turned cautious at the end of January," he told "Squawk Box."