Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed 'much higher.'
, a move preceding every recession over the past 50 years. The Dow dropped 800 points, or 3%, which was the worst percentage drop of the year and fourth-largest point decline of all time.
"I think the lows were in. I think they were made on Aug. 5 at 2,822," Saut said. "We came back and retested that area twice, and [we've] not been able to make a lower low." He said that since then, "[We've] had two almost 90% upside days. ... The market might be a little bit ahead of itself on a very short-term trading basis. But the market's going substantially higher."
While Saut sees the market stalling for a few sessions, he said, "I don't think any pullback is going to be that much."of its 800-point drop and S&P 500 and Nasdaq have also regained most of the losses.. The S&P 500 slid 0.5%, and Nasdaq Composite pulled back 0.4%.
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