Marc Faber : The Technical Position of the Market has deteriorated very badly

Marc Faber : It is easy to say that the correction would happen. More interesting is the thought that the early-April highs of 1422 on the S&P could be a longer-term high that we will not revisit for some time. The fact is simply that the technical position of the market has deteriorated very badly as the rally progressed from the Oct. 4 lows of last year, when the S&P went down to 1074. The market is vulnerable. Many stocks sell off on news that is not really bad, but not just as good as expected. So I am of the view that maybe we have something more serious here. Don’t forget that the S&P is, in essence, one of the very few indexes in the world that has beaten their highs in 2011. All the European markets have not made new highs and most emerging markets — with exceptions like the Philippines, Indonesia and also I think Malaysia — have not bettered 2011 highs. - in Seeking Alpha