“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, said Thursday on CNBC.
“I think we have made an intermediate top, and it could be a longer-term top,” he said on “Fast Money.”
“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.” …”
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So, to summarize: The markets are either going down, then up, OR up, then down.
Some brilliant market analysis right here.
gotta cover those bases fook…but he is ultimately saying we are closer to the top than the bottom.
Lets hope he is wrong!