Global markets have been deteriorating technically and are setting up for serious setback, ultra-bear Marc Faber said Tuesday on CNBC’s “Fast Money”.
Faber stood by his call that within the next six to nine months stocks would fall 20%.
“Basically, I think QE3, which I think is unlimited, and bond purchases by the ECB bailout of countries have been largely discounted by the market, and the markets have been weakening technically, so I believe that we may have here quite a serious setback,” he said.
Last week, Faber told CNBC he was preparing for a full correction for the market, which has been up-trending since early June.
Full Faber clip