More pain coming: Raymond James' bull sees more 'downside' ahead for Wall Street

Stocks may run into more trouble this week, but a vocal Wall Street bull believes that's no reason to get bearish.

"There's been some technical damage done," Jeffrey Saut, Raymond James' chief investment strategist, recently said on "Trading Nation." He added: "I don't think it interrupts the secular bull market, but I'm not sure the downside is over with."

Saut said his proprietary index flipped negative and into cautious territory on August 3, and he warned investors that a downturn was imminent.

"We wrote about it and told people you may want to trim some positions," said the firm's chief investment strategist.

Stocks are coming off their second worst week of the year, as tensions escalated between North Korea and the United States. The major indexes closed higher on Friday, but it wasn't enough to pull them out of the red.

The S&P 500, Dow and Nasdaq were all down more than one percent for the week.

"I think the market could pull back a little bit here, but it's still a secular bull market. I think you have another six, seven or eight years left on the upside," added Saut, who does not think there will be war with North Korea.

The latest move lower should work itself out in just a matter of weeks, according to the investor.

If he's right, it wouldn't be the first time this year his prediction came true.

During a CNBC interview on April 20, he said the Trump rally, at the time in a pause, would soon resume. Since then, the S&P 500 Index is up four percent, and the Nasdaq has risen seven percent, even with the latest pullback.

Longer term, Saut doesn't see much that could derail the bull market on a fundamental basis.

"You could have a policy mistake inside the DC beltway. You could have crude oil go to $150 a barrel. But I don't think that's going to happen. I think you transition from an interest rate driven secular bull market to an earnings driven secular market," Saut said.

"In the long run, it's all about earnings, and earnings continue to come in as — I've been saying — better than people expect," he added.

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