Pro: S&P to drop to 1,530

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The stock market is in the midst of a correction, with the S&P 500 index poised for a 100-point drop from current levels, Jeffrey Saut, chief investment strategist at Raymond James, told CNBC Friday.

The S&P 500 index could drop to the 1,530-1,560 level by mid-September, Saut told "Fast Money." However, rising tensions in war-torn Syria could cause the market to accelerate to the downside, Saut said. Should the military conflict spread to other parts of the Middle East and the price of crude oil continues to rise, the S&P could drop below 1,530. The technicals suggest support should hold at 1,530, though, he said.

(Read more: Traders nervous about Syria, despite Kerry speech)

Still, the stock market seems to be at the mercy of what happens in Syria, at least in Saut's opinion.

"If we don't have any activity over the weekend, you could get some kind of relief rally," Saut said. "Even if we get a relief rally on no action over the weekend, I think we're headed lower until the middle of September when you get a decent, tradable low."

Saut said it's unlikely the Federal Reserve decides to dial back its bond-buying program in September, as some market observers suspect.

(Read more: Cashin: These Fed comments hit me 'like a 2-by-4')

—By CNBC's Drew Sandholm. Follow him on Twitter @DrewSandholm