With continued uncertainty in global markets, today legendary Marc Faber warned King World News that stocks will see more downside. Faber also discussed why there is more downside action ahead and compared the 1987 stock market crash to today’s action.
Eric King: “Marc, I wanted to talk to you about the turmoil that has started in global markets. We had the tremendous downdraft, particularly in China, followed by the subsequent rally. But where do you see the markets headed from here? Is this the great bear market that you’ve been waiting to unfold?”
Marc Faber: “As you know, the markets are manipulated not only by China but by other monetary authorities as well, so we don’t know what the good professors at the central banks will do next. But investors should understand that when the 1987 crash happened, the market was grossly overbought from a longer-term perspective….
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The 1987 Stock Market Crash vs Today’s Action
“Year-to-date when the crash happened in 1987 the market was still up 17 percent, although it was down 17 percent from the August high in 1987. So then the crash happened and the market continued to go up in the following years and in the 1990s.
But in this instance when the market began to be unsettled it was down 2 percent year-to-date and down about 2 percent year-on-year. In other words, since August 2014 the market hasn’t gone up anymore. So there has been a huge sideways movement in the market and you could consider that to be a distribution phase.
The Market Remains Vulnerable To More Downside
During that time the number of new lows began to increase and the number of new highs began to diminish, and the whole market didn’t look good technically. Suddenly you have a massive breakout move on the downside. So unless the S&P can move relatively quickly back into the 2,050 – 2,130 range, I think the market remains quite vulnerable to further downside.”
To hear the remainder of Marc Faber’s astonishing predictions on what will unfold next, listen to the audio interview that has now been released. Faber discusses why this global collapse will be much worse than 2008 – 2009, what investors can do to protect themselves, what to expect in major markets, including gold, and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO RELEASED: IMF Issues Second Major Warning About Global Turmoil CLICK HERE.
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