Wednesday, January 27, 2010

Marc Faber S&P 500 May Drop 20% on Economic, Earnings Prospects

Marc Faber
“The market has become overbought,” Marc Faberpublisher of the Gloom, Boom and Doom report, told Bloomberg in a phone interview from Davos Switzerland. “There isn’t a meaningful improvement in the economy taking place. The economy may disappoint somewhat in the next few months. The statistics that are being published are very questionable. The economy has stabilized, but isn’t really expanding.” Marc Faber said
With unemployment staying at a relatively high level and with the revenue side being weak, I don’t think that corporate profits will be that great in 2010,” Faber said. “Basically, the profits have been boosted by aggressive cost-cutting. The revenue side of corporations is weak.”

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