GUNDLACH: The S&P 500 can go up 2%... or fall 20%

Jeffrey GundlachBusiness InsiderJeffrey Gundlach

DoubleLine’s Jeff Gundlach doesn’t think the stock market looks great right now.

On his latest webcast discussing his view on markets and the economy, Gundlach said that after a rally in the last month, the S&P 500 probably has about 2% of upside.

And 20% of downside.

“The set-up for risk assets, from a risk reward standpoint, is really quite poor,” Gundlach said.

A few weeks ago, Gundlach said he bought some stocks after a roughly 10% sell-off to start the year. On February 26, Gundlach told Reuters, “I thought it was a good buy point two weeks ago Wednesday and so we bought some.”

Just a few days later, Reuters reported that Gundlach was going to close out some of those positions after about an 8% rally in the S&P 500.

And right now, it doesn’t seem like he wants to buy any more stocks.

Follow our full coverage of Gundlach’s presentation here »

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