Short-term investors should sell stocks and get ready for a drop in the market this summer, Jeffrey Gundlach, CEO and CIO of DoubleLine, said Tuesday.
"If you're a trader or a speculator I think you should be raising cash today, literally today. If you're an investor you can easily sit through a seasonally weak period," Gundlach said on a call discussing DoubleLine's Total Return Bond Fund.
Gundlach reiterated his expectation for a summer correction in the U.S. stock market, while Treasury yields rise.