Stocks Have Peaked in 2009 According to Marc Faber
Marc Faber called the market bottom missing it by only a few days and now he is warning that the market has topped for 2009. Our cautious stance since this Wednesday is paying off.
Stocks may have already peaked for this year and might drop 20 percent amid renewed deflation fears, said Marc Faber, the publisher of the Gloom, Boom & Doom report.
“I wouldn’t be surprised if we’d seen the peak of the market for this year because the economic news isn’t going to improve very much,” Faber, 63, said. “The correction in the market has been overdue for quite some time.”
The investor predicted on March 9 in a Bloomberg interview that equities would rally because of government stimulus measures. The Standard & Poor’s 500 Index dropped to a 12-year low that day and has since climbed 55 percent. The MSCI World Index rallied 63 percent in that time.
Source: Bloomberg
Category: Stock Market