Legendary Investor Marc Faber, editor and publisher of the Gloom, Boom & Doom Report, discusses the S&P downgrade of France and other European countries. He believes they should be downgraded even further. Marc Faber : "...yes. because the market has already downgraded some of the sovereign issues. and I think when the news will come out it will be old news. so it won't have an impact on the market. but having said that, the market has had a huge rally from the October 4th low when the S&P was at 1,074. and it's now over bought and the volume figures were very poor the advanced decline line wasn't particularly good. every day we have some stocks that are breaking down. this is not typical of an emerging bull market. it's rather typical of a rebound within a bear market"