Veteran market strategist Jeff Saut sees a 'rocket ship' rally that sends stocks up nearly 30%

Jeff Saut, chief investment strategist at Capital Wealth Planning
Scott Mlyn | CNBC

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Market strategist Jeff Saut told CNBC on Monday he sees major upside for the S&P 500 in the next 12 months, despite the coronavirus pandemic. 

"We may stall here for a while into the fall, ... but I think you're going to get a rocket ship coming in the fall," Saut said on "Squawk Box." "I think the S&P is going to trade out above 4,000.