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Home Economics

“Superbears” Marc Faber: the market reaches new highs

by Daniel Brown
2014/08/12
in Economics, HOME
Reading Time: 2 mins read
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"Superbears" Marc Faber: the market reaches new highs
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Eternal “bear”, Marc Faber sure that markets emerge from the situation “completely oversold,” and the restoration of the shares already in the process, but warned that achieving new heights – is unlikely.
Faber, editor of the bulletin «Gloom, Boom and Doom» said in an interview with CNBC, that if new highs and will be achieved, it is only “a limited number of shares.”

“There was a significant correction of the dynamics of many stocks, and at the close on Thursday, markets were extremely oversold, only 20% of the shares were above the 50-day moving average,” – says Faber.
Asian and European stocks rebounded on Monday after a sharp fall last week, against the backdrop of statements by President Obama to authorize air strikes against Iraq.

“Today is already in the process of recovery. However, I doubt that the market will reach new highs, except that a very limited number of shares, as technical losses – quite significant, “- he said.

According to Faber, up to this point the events in Iraq had no significant impact on the markets, but if the Islamic State, formerly known as ISIS, «will take a step in the direction of Saudi Arabia,” the markets can react severely. Investors should not expect solid growth and a stable income in the future, as the prices of stocks, bonds and real estate – “overblown”. “

Speaking of the credit markets, Faber said that still owns the 10-year Treasury bonds the United States but warned that the weakening of the financial markets first of all affect the bonds.

“I am confident that future profits will be very low. Take the 20-year Treasury bonds, which I still keep. In the next 10 years, they will bring you up to 2.42% per year, “- he said.

“I think we will see a decline in the markets, signs of which have already begun to appear on the credit market,” – he added.

Tags: Marc Fabermarket
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