Stocks are off of their highs.
Marc Faber, publisher of the Gloom Boom & Doom Report, thinks they’ll go down a lot more before they start heading up again.
And he thinks stocks are headed for a correction or even a bear market, which translates to a sell-off of at least 10 to 20 per cent.
“The technical underpinnings of the market have been a disaster in the last couple of weeks,” Faber said on the sidelines of the Maybank Invest Asia conference. “The number of new highs have declined, the volume has been poor, insider sales just hit a record.”
“I still feel we are in a correction period and again like in equities, it’s a correction that is somewhat more serious.”