And a new futures contract on “FANG-Plus” stocks (referring to Facebook, Amazon, Netflix and Google) will soon start trading. Gundlach displayed a uranium chart revealing that uranium prices peaked years ago at exactly the same time uranium futures were first issued.

What he didn't say: The last time the global economy expanded in this kind of synchronized fashion was 2007.

He then turned to a concern he has raised in the past. In 2018 and 2019, about $675 billion in 10-year Treasurys issued during the financial crisis will need to be refinanced, and it will happen at the same time the Fed is trying to raise and shrink its balance sheet. Gundlach predicted the central bank will allow some of those securities to "roll off" its balance while it will repurchase the rest.

But a perfect storm could be brewing. It just so happens that in 2018 and 2019, the huge middle bulge of the baby boom generation also will turn 65 years old and go on Medicare, placing huge strains on America's entitlement system.

This conundrum, combined with other factors, could lead to a 2019 recession, though he didn't give any odds on one. It's worth noting that the current expansion is already 100 months old.

At the same time, the federal budget deficit is starting to expand substantially, and Washington is immersed in cutting taxes. A tax cut will only expand the deficit, Gundlach said, rejecting the notion it could increase government revenues. He debunked those who cited Reagan's tax cuts as deficit-reducing, producing a chart showing the deficit climbed from about 30 percent of GDP to 60 percent during his administration.

Commodities have appear to have reached a secular bottom, and Gundlach said there are similarities between their prices before previous booms and their current prices. Industrial commodities, in particular, are booming. However, he also noted commodity prices "accelerate" almost every time before a recession, though the two trends are not always in lockstep.

Both commodities and emerging markets were white-hot in the 2010-2011 period shortly after the financial crisis, Gundlach observed, and both have stalled since then. Instead, the S&P 500 emerged as global investors' favorite place to be as it rose 33 percent in 2013. After a 15 percent correction in early 2016, the S&P has surged almost 40 percent and Gundlach expects market leadership to shift.

So what makes emerging market stocks Gundlach's favorite bet? For starters, the Shiller CAPE ratio (the cyclically adjusted price to earnings ratio) in emerging markets is around 15, or half that of the S&P 500, which stands at 30.