Wall Street veteran Jeff Saut isn't necessarily concerned about the recent sell-off in the stock market.
On Friday, equities fell once again after interest rates moved higher.
"We would take small trading profits here," Saut said in an interview with CNBC's "Closing Bell" on Friday.
While his short-term model was forecasting the market would move higher into November, that flipped after the recent rally attempts earlier this week.
"The market is going to be on the defensive for another few weeks, but we think it sets up the year-end rally," added Saut, chief investment strategist at Raymond James.