While the benefits of quantitative easing are clear when it comes to the stock market, and with the Fed not stepping off the gas anytime soon, stocks may continue to go higher, though Gundlach said now is not a great entry point for the U.S. stock market. When the negative side of QE shows itself, stocks will have a huge correction.

What happens then is anyone's guess.

-- Written by Chris Ciaccia in New York

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