On Saturday, economist Marc Faber appeared on CNBC to his give his outlook for the stock market.
Faber was particularly bearish, stating that the US market was facing a significant correction ahead.
The action on Monday appeared to validate Faber's statements, as the poor jobs report on Friday may lead to the major indices losing roughly 1%. European markets remain closed for the holiday. When European markets reopen, it could trigger further losses for US equity investors if Spanish bond yields continue to move higher.
Faber cited a weakening of the US economy and poor fundamentals as his reason for becoming bearish. Still, Faber did not suggest actively shorting the market, as he believed that more money printing could likely keep stocks from tumbling too significantly.
Faber is widely known as being a gold bull, but believes that the price of the yellow metal could fall further in coming months.