Marc Faber : after the rebound we will go lower

Dr. Marc Faber was interviewed by the Indian TV CNBC Tv18 on V about his outlook for the markets after the S&P downgraded the rating for the US debt . Marc Faber : no question about it this is a bear market it begun actually almost a year ago and then QE2 came in and kicked up stocks but the majority of stocks actually did not make a new high and we peaked out on the S&P at 1370 on May 2nd 2011 and since then the technical action of the market have been horrible horrible , and the market yesterday in New York did not go down because of the debt downgrade of the US government but it went down for other reasons , now the market is at discounting mechanisms I do not know what the other reasons are but I suspect that in the second half of the year instead of having like always and permanently bullish strategies in the US maintains higher corporate earning we could have lower corporate earnings we could have geopolitical problems we could have debt problems in Europe and many things that can happen that are far more important than the debt downgrading of the US , so I think that the market is telling you something , something is rotten , now the market right now is deeply oversold and I wouldn't sell today shares I think they can rebound but the new highs for the year in my opinion out of the question ...

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