Markets up but stocks possibly a "big losing proposition"

Markets were mostly up on Wednesday.

The S&P 500 and the STOXX Europe 600 rose 0.5 percent. However, the MSCI Asia Pacific Index fell 0.6 percent.

While many are calling Wednesday the "seventh anniversary of the bull market", Jeff Gundlach thinks that stocks are already in a bear market. From the Australian Financial Review:

The Standard & Poor's 500 Index has about 2 per cent upside and 20 per cent downside, making for a lousy risk-reward tradeoff, according to money manager Jeffrey Gundlach.

Betting on stocks is a "big losing proposition", Gundlach said Tuesday during a webcast. The recent rebound is a "bear market rally", he said.