Bond King Jeffrey Gundlach has spoken, and he’s calling for more of this market unwind and volatility. He’s saying that it’s going to “be turbulent and not just a few days.”

The DoubleLine Capital founder has been camped out with the bears for a while now — among his 2018 forecasts is a negative finish for the S&P 500 this year.

So if you’re expecting to ride out a few more weeks/months of bumpiness, our call of the day gives you one more big thing to consider, when it comes to stock direction.

The call comes from Christopher Harvey, Wells Fargo Securities’s head of equity strategy, who had this to say about the “growing market” for cryptocurrencies on CNBC last night (h/t iBankCoin):

“[Investors] are not sure, at this point, how much they should pay attention to it and whether it’s going to be a systematic risk. I don’t think it’s a systematic risk, but it is a risk,” he says, hinting that bitcoin BTCUSD, +0.79% and its ilk can be a driver of stock-market action.

Wells Fargo is predicting that the worst is over for stocks, forecasting a nearly 10% rise for the S&P 500 from here, to hit 2,950 by year’s end.

“If we’re right, and risk is bid again, it wouldn’t surprise us to see a bid in some of the crypto markets,” Harvey said.

So if that call is right, when stocks go up, then cryptos will follow. But of course, that could work the other way — and if the floor drops from under bitcoin, that might not work out so well for equities.

This bitcoin-stock relationship is becoming a bit of a buzzy topic. Morgan Stanley says they’ve been moving so much in tandem, that the latter’s diversification value may be eroding. So much for the crypto revolution sticking it to Wall Street.

Mind you, it should be noted that stocks yawned at that crypto crash back in late December, as this chart shows:

That time bitcoin crashed in December 2018, and stocks didn’t care... MarketWatch

But it’s different now — isn’t it?

Read:How trading at the speed of light exacerbates market drops

Check out:The ‘invisible rich’ index that tracks cryptocurrency fortunes

And: Vanguard’s chief economist: ‘Decent probability’ that bitcoin goes to zero

Market snapshot

Dow DJIA, -0.87% , S&P SPX, -1.11% and the Nasdaq COMP, -1.07% are a mixed bag this morning. Asian stocks mostly finished higher. European stocks SXXP, -0.66% are lower.

The pound GBPUSD, -0.42% is shooting higher after the Bank of England kept rates on hold, but hinted at earlier, faster rate hikes. The dollar DXY, +0.03% is up against the euro, while gold US:GCH8 is dipping, as crude US:CLH8 pulls back. The yield on the 10 year Treasury TMUBMUSD10Y, 0.701% has slipped back a little, to 2.849%.

See the Market Snapshot column for the latest action.

The chart

Here's a little perspective from Charlie Bilello, director of research at Pension Partners. He tweeted out this chart showing how the S&P 500’s recent correction of more than 5% is the 22nd since the March 2009 low. And the world didn’t end any of those times, he notes:

The quote

U.S. VP Mike Pence and wife Karen arrive for Winter Olympics in South Korea Reuters

“@Adaripp I want you to know we are FOR YOU. Don’t let fake news distract you. I am proud of you and ALL OF OUR GREAT athletes and my only hope for you and all of #TeamUSA is to bring home the gold. Go get ‘em!” — That was Mike Pence tweeting his support to U.S. Olympic figure skater Adam Rippon. Media reports have said the openly gay athlete rejected a meeting with the conservative Pence, who says “#FAKENEWS”:

More Winter Olympic buzz — Norovirus is still running strong and people are clamoring for tickets to see the North Korean orchestra. Oh, and the Norwegians have plenty of eggs for all.

Pyeongchang Winter Olympics: A Drone's View

The buzz

Twitter TWTR, +2.03% is rocketing higher after posting its first profit.

Teva Pharmaceuticals TEVA, +2.04% is takinjg a hit on disappointing guidance. CVS CVS, +1.98% , L Brands LB, -0.52% , GrubHub GRUB, +0.61% are also active after results. Activision ATVI, +1.67% and Nvidia NVDA, -2.20% are due after the close.

Tesla TSLA, +4.42% CEO Elon Musk is unwavering his optimism for 2018, even if the electric-auto company just posted posting its biggest loss ever. Shares are off a little.

IRobot IRBT, +0.48% is dropping on a disappointing outlook as some fret the Roomba vacuum maker’s best days are behind it.

BlackRock BLK, +1.55% wants to become the next Berkshire Hathaway BRK.A, +0.36% , as it looks to raise $10 billion to invest in companies.

Random reads

Dem. Nancy Pelosi spent 8 hours defending Dreamers on the House floor.

George Soros is embarking on a secret campaign to stop Brexit — or is he?

Place your bets on St. John’s for NCAA champs?

Check out the $355 sandals to keep your shoes clean — Jimmy Choos they ain’t

Data shows a rise in suicides the month after actor Robin William died

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