DoubleLine Funds’ Jeff Gundlach says we’ve seen the stock market top for the year.
According to a report from CNBC’s Scott Wapner, Gundlach said that the Alibaba IPO was “probably” the top for stocks this year.
Since the Alibaba debut, the S&P 500 is down more than 5%.
Gundlach, who in the wake of the Bill Gross departure from PIMCO is now the undisputed Bond King, also said that we’ve probably hit the lows on the US 10-year Treasury bond this year.
Gundlach told Wapner that any move under 2.2% would be a “game-changer” for the Federal Reserve in terms of policy.
During his his most recent webcast in September, Gundlach said he doesn’t think the Federal Reserve is nearly as close to raising interest rates as many in the market expect, going so far as to say, “I’m almost certain that Janet Yellen doesn’t want to raise interest rates.”
And earlier this year, Gundlach was one of the only strategists on Wall Street who said that bond yields would fall, not rise, and back in August, Gundlach told the Financial Times that the Fed might have to resurrect quantitative easing by the end of this decade.