The stock market is in a 10% to 15% pullback, its worst since March, one Wall Street expert says

• Jim Bianco told CNBC on Tuesday that the stock market was in a 10% to 15% correction.
• The market strategist said catalysts for the correction included a "frenzy of speculative activity in the options market" and the realization that more stimulus from Congress might never come.
• Investors should wait until the market begins to turn to the upside to buy stocks, Bianco added.
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The market strategist Jim Bianco told CNBC on Tuesday that the stock market was in the middle of a 10% to 15% correction, the worst since March, and that it may be too early for investors looking for a discount to dive in.

The Bianco Research president and macro strategist said a "frenzy of speculative activity in the options market" and a recent realization that additional stimulus from Congress might not come at all were two catalysts for the sell-off.

Bianco also said the market was not rebounding as quickly off its lows as it did after corrections on April 1 and June 11.

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"We made a lower low Friday, we're making a lower low today, so this market is showing weakness after the sell-off, something we haven't seen since March," he said. "And that's why I think that it's a little early to maybe jump in on the market and that we can probably expect a bit more of a pullback and a bit more of heat around the collar before it's all over."

The strategist said investors should wait until they see signs that the market has turned around "and then jump in on it on the upside."

"Even if you go back to March, if you were four or five days early, you would have lost another 15% of your money before the market rallied back, and then it rallied back only to your breakeven point," Bianco said. "And so you'd be better off just letting this process unfold over time, and then when it seems like it's on the backside of it, it rallies again, to jump back in. But we're not on the backside of that yet."

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