“The fact that a market goes up does not necessarily mean it will continue to go up,” Marc Faber, editor & publisher of “The Gloom, Boom & Doom Report,” told TheStreet on Monday.
“If people think everything is fine, they’re mistaken.”
“We have from a purely technical point of view, more favorable conditions than in ’87,” he said. “The market is not as overbought as it was at that time.”
“We are less overbought but we have more unfavorable macroeconomic conditions,” he explained. “If I look at monetary and economic conditions around the world, the level of debt is much higher now, the level of government debt is much higher.”
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.