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Marc Faber Publisher of the Gloom, Boom and Doom Report Says Stocks Have Topped Out

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Marc Faber: ‘Market Has Peaked Out’
If the stock market continues to climb into July or August, a crash is possible, says Marc Faber, publisher of the Gloom, Boom & Doom Report.

The stock market has -peaked out- and bonds may be on their way to a rebound, Marc Faber, publisher of the Gloom, Boom & Doom Report.

-I think we have made an intermediate top, and it could be a longer-term top.-

-I don’t think the market is as overbought as it was in ’87, so I don’t expect a crash. But I think for the time being, the market has peaked out, and I think in the meantime, bonds, which are extremely oversold, could rebound,- he said.

The S&P 500 closed at 1,502.52 Thursday. A level of 1,530 could prove to be a longer-term high, Faber said.

-What I maintained in earlier interviews is that either we have a correction now, and then we go up further or we go straight up high in July-August, from where we could crash, so I welcome a correction here,- he said. -The question will be, after this correction, we have to watch the market’s rebound, whether it can make a new high or not.-

Faber’s holdings are 25 percent gold, 25 percent equities, 25 percent corporate bonds and cash, and 25 percent in real estate.

Why should investors believe his bearish prognostications?

-There was a correction between March, April 2012 and actually June 2012, so we had a correction, and then from September onward, when the S&P reached 1,474, we also had a correction into November, at which stage I said that the market would now rally. So I don’t think I’ve been so totally wrong about the moves of the market, especially since 2009, and I can document those with the performance of my portfolio.

-But I think that the market has now become quite overbought and that is very significant or overextended, bullish sentiment. Everybody says, ‘Sell bonds, buy equities.’ And when everybody thinks alike, one has to be careful.-

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Marc Faber
Marc Faber (born February 28, 1946) is a Swiss investor based in Thailand. Faber is publisher of the Gloom Boom & Doom Report newsletter and is the director of Marc Faber Ltd, which acts as an investment advisor and fund manager. Faber also serves as director, advisor, and shareholder of a number of investment funds that focus on emerging and frontier markets, including Leopard Capital’s Leopard Cambodia Fund and Asia Frontier Capital Ltd.'s AFC Asia Frontier Fund.
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