The pseudo reading scores (reading nonsense words to test if the student can apply decoding skills) is significantly weaker than the other skills. Spelling is also quite low at 88. This makes me wonder if he is solid on his the sound symbol relationship (phonics).

It is good that the first two CTOPP scores are solid. This tells me he has adequate phonological processing (although I'd like to see the subtest scores that make up these composite scores to make sure a "high score" isn't covering up a "low" score within the same composite). His rapid naming skills are very low - this is the ability to quickly retrieve rote information and is closely linked to how automatic and fluent a person is with reading. His scores are not surprising given low PSI and low math fluency - many of the same skills are needed.

There are a number of theories about dyslexia. Most believe that there are at least two underlying skills to good reading: phonological processing (sound symbol relationship) and rapid naming (the ability to quickly retrieve). Given your son's scores, I would suggest that you pursue whether or not your child might have a language based learning disability, with a primary weaknesses in the naming skills. If the psychologist is not experienced in dyslexia, I would suggest seeking help from someone that is. I'm concerned that because your son is so bright, he may be able to compensate in the early grades. But, as time goes on, this will be harder and harder. And, along the way he may begin to believe that he is not smart or worthy.

Here is a good article about "double deficit" dyslexia - it explains the rapid naming issues: http://ase.tufts.edu/crlr/files/namgspd.pdf http://www.apa.org/monitor/mar00/dyslexia.aspx

Another researcher agrees that naming speed is critical, but believes it is a bit different than a double deficit:
http://www.fcrr.org/publications/publicationspdffiles/Fluency_chapter-Torgesen%26Hudson.pdf

All in all, it would make sense to get more information and to question your evaluator. Given how you describe your son's struggles and the scores you have posted, it looks like your reading concerns may be valid. (did he do the GORT - Grey Oral Reading? I would suspect that his fluency and rate were much lower than his comprehension - and lower than his cognitive ability)

One last resource: International Dyslexia Association http://www.interdys.org/

Best of luck!