, Marc Faber Blog: Financial Media Doesn't Believe a Market Correct Can Happen

Saturday, August 2, 2014

Financial Media Doesn't Believe a Market Correct Can Happen

Since 2012, I have been expecting a correction that hasn’t happened, but it has happened in individual stocks, and it has happened in emerging economies. A 30% [drop] would not surprise me, but the financial media doesn’t believe it can happen. When the S&P was at 666 on March 6, 2009, they didn’t believe the S&P would go to 2,000 either.

The market is very overbought. The rise this year has been accompanied by fewer and fewer stocks making new highs. GE, GM, IBM, Wal-Mart, are no longer participating in the advance. [but] if stocks went down 30% I’d be interested again.

- Source, Market Watch