The new survey showed 61% of wealthy investors and business owners (2,928 investors and 1,180 business owners between April 1-20) with over $1 million in investable assets or annual revenue are expecting a selloff in the market of 5% to 20% before they would buy the dip. About 23% of respondents said it was a market that they were willing to chase. And about 16% said the latest move was a bear market rally and further downside is ahead.

The April survey showed 60% of respondents believed a global recession was likely in the next 12 months.  

Gundlach and Bass, in separate interviews this week on CNBC, both echoed similar thoughts on how signs of unprecedented economic distress have resulted in a V-shaped recovery for the stock market. As shown below, the E-Mini S&P500 has soared 34% in 25 sessions to a near kiss of the daily 200EMA.