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Market strategist Jeff Saut's weekly commentary reiterates much of his stance that we've detailed over the past few weeks. He is cautious but a buyer of dips. And as we saw late last week, hedge fund manager David Tepper is also cautious but optimistic.

Simply put, Saut feels a pullback anywhere in the neighborhood of 3-10% is coming. The problem, of course, is that he's been waiting for a few weeks now. Saut revisits the age-old stock market cycle of fear, hope, and greed to illustrate his stance. He says that,

I revisit the Fear, Hope and Greed cycle this morning not because I think we are approaching the Euphoric zone, but because I continue to believe we are near the Optimism level and therefore due for anywhere between a 3%-10% correction. Still, any pullback is probably for buying.

However, he is keen to sit patient and wait for his 'fat pitch' just like Warren Buffett would. Buffett's famous quote goes as such:

In this game the market has to keep pitching, but you don't have to swing. You can stand there with the bat on your shoulder for six months until you get a fat pitch.

Classic words of wisdom from the Oracle of Omaha and we've detailed Warren Buffett's top 25 quotes if you're looking for more insight.

Embedded below is Jeff Saut's weekly investment strategy on the cycle of fear, hope, and greed:

You can download a .pdf copy here.

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