Stocks Have Hit Intermediate Term Top: Marc Faber

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Speaking to CNBC’s Melissa Lee yesterday, Marc Faber, publisher of the Gloom Boom and Doom Report said the market had recently formed an intermediate term top.

Regarding an imminent crash, Faber said the market wasn’t as overbought as in 1987 so he didn’t believe the market would fall precipitously.

Faber considered the bond market oversold and would rebound.

Faber defended his record after Lee questioned the accuracy of some of his past predictions.

Last month Faber said investors should look at poorly performing stock markets such as Vietnam, China, Ukraine, and until recently, Japan [link].

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