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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.
U.S. stocks have climbed to record highs, while volatility has remained historically low, raising concerns for many about a coming market correction on Wall Street.
The CBOE Volatility Index (.VIX), considered the best gauge of fear in the market, dropped Friday to 9.37, its lowest since Dec. 27, 1993. The VIX ended at 10.42 Tuesday.
"We're on increasing watch for volatility," Gundlach said, pointing out that "there is a massive amount of money that is being short VIX."
"It's a trade that's made a lot of money and its very very crowded, which suggests to me the days of low volatility are numbered," he said. We "probably won't see it continue through year end."
Watch: Gundlach says now's the time to buy emerging markets