One for Eugene

Don't buy the dip in stocks just yet as a wave of selling is about to bring the market to a bottom, according to one of the biggest bulls on Wall Street

Don't buy the dip in stocks just yet — there's a wave of selling that could see the market bottom out in the coming weeks, according to one of Wall Street's biggest bulls.

Tom Lee, Fundstrat's head of research and one of the most bullish stock forecasters this year, issued a word of caution for investors looking for opportunities amid the market sell-off. Stocks have slumped after taking in a hot inflation report for March, escalating tensions in the Middle East, and hawkish guidance on Fed rate cuts, causing the S&P 500 to notch four straight days of losses.

But opportunistic investors shouldn't rush into stocks just yet, Lee said, pointing to a surge in the VIX, the market's volatility gauge. Higher volatility typically triggers selling among investors, he warned, which could lead to near-term pressure for stocks.

"While we normally like to buy dips, as we said earlier this week, the surge in the VIX says we gotta take buying the dip extra slowly," Lee said in a video sent to clients on Thursday.