Raymond James' Jeffrey Saut Is Looking For a 10-12% Correction

He's early but we don't know if he's early by a week or ten.
S&P 500 1964.88 down 12.77, DJIA 16,907.20 down 117.01.
From Raymond James:

“Making a Market Call”
July 7, 2014

By the time the 2nd quarter was complete 2014 was in the process of being transformed from a flat year for risk assets and a strong year for fixed income into a much more encouraging year for the former and perhaps less so for bonds. Indeed if the SPX index were to simply replicate its first +6.05% half performance the full year return would be very close to that of 2010 (12.78%) and 2012 (13.41%), both of which went into the history books as ‘good years.’ Of course first halves are not always predictive of second halves. 2011’s gain of 5.01% in its first two quarters was entirely wiped out by what followed, with most participants grateful that after collapsing in the summer and early fall the SPX index clawed its way back to close the year exactly where it started at 1257.6. With regards to the rest of 2014 our sense remains that the bull market is very much intact, but that round number resistance at 2000 in the SPX (just over 1% above the current price) and 4000 in the NDX (2.6% above Wednesday’s close) may prove to be tough levels to surpass in the immediate future.
... Marketfield Asset Management (7/3/14)

In last Monday’s strategy report I noted that the week before July 4th has an upward bias for the equity markets. On Tuesday I backed that up by writing, “From 1950 to 2013 the market has delivered positive returns 72% of the time during the last two days of June and the first five days of July.” Thackray’s Seasonal Investment Guide goes on to write, “By mid-July, seasonal investors should probably be looking for the exits and moving to a more defensive position as the market enters into a period of seasonal weakness.” Obviously that statement “foots” with what the folks at Marketfield Asset Management believe given their statement, “But that round number resistance at 2000 in the SPX and 4000 in the NDX may prove to be tough levels to surpass in the immediate future.” To be sure, that agrees with what I think, even though the S&P 500 (SPX/1985.44) has surpassed my envisioned resistance zone of 1950 – 1975. The move above that level I would describe as “forereach.” For those non-nautical types, the hull of a sailboat, unlike a powerboat, is so “slick” in the water that even after you drop the sails, or cut the engine, the boat continues to move forward ... aka, “forereach.”....MORE

...The call for this week: Just like our fundamental analysts are making a negative “call” on the PC computer business that fell off a cliff in May/June, I am making a “call” that the current set-up in the equity market is remarkably similar to the summer of 2011 that ushered in an 18% decline. While I do not think any pullback from here will be that severe, I do think we are vulnerable to a 10% - 12% decline in the weeks ahead, albeit within the construct of a secular bull market that has years left to run....

HT Business Insider who amp it up:
STRATEGIST: Market At Risk Of 10-12% Plunge