Jeffrey Saut, the chief investment strategist at Raymond James, is heading for the sidelines, choosing not to participate in something that is, at least for the time being, eluding his grasp.

"Folks, I have been in this business for over 46 years, and observing markets with my father for 54 years, and I have never experienced anything like what is currently happening,"

Saut offered that advice to clients on Thursday.

This well-respected market prognosticator, who’s generally bullish though with a pragmatic approach, says the market since early February has left him flustered. Saut pointed to his models, which called the immediate post-election rally, but also pointed to "a downside window of vulnerability" in February that never materialized. The S&P 500 gained 3.7% in February and is up 6.8% for the year.

As a result, this week he sold 15 of what he described as "short-term tactical positions" and is sitting things out until further notice.

"In the short term, we do not understand what is going on," Saut wrote. "Consequently, when we do not understand the current market environment, we tend not to play."