Marc Faber Says We have Not Experienced a Major Stock Market Sell Off

Marc Faber was interviewed by Bloomberg Tv earlier today. Basically, he doesn’t think that the current down-leg in markets is a ‘major sell-off’, however he does think that ‘as of today, markets are extremely oversold’. See below for the video & summary.

Summary:

• So far we haven’t experienced a major sell-off.
• ‘The world is mad’ — markets fluctuate and investors have to be prepared to experience volatility.
• There is a case to be ultra bearish about everything. However, if one is ultra-bearish, it’s still better to be in equities than cash and government bonds.
• The technical damage done to the markets since November 2010 is enormous. We’ve seen the highs for the year.
• The market is extremely oversold as of today, we could have a ‘snap-back’ rally that doesn’t make a new high.
• Maybe we don’t go down to Marc Faber’s previous target of 1100 on the S&P 500 because he can already ‘smell QE3′.
• The coming weeks will be important to see whether Bernanke is a ‘true’ or ‘amateur’ money printer.