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

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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