Recent Biotech And Momentum-Stock Selloff Is Just A Warmup For The Bigger A Stockalypse
April 30th, 2014
Crashy Marc Faber: It’s too late to buy U.S. stocks now
Hoping all that momentum-stock selling lately is just a blip on your radar screen? Sorry, it’s just a warmup for the bigger a-stock-alypse, says renowned doomster Marc Faber.
Here’s his latest (and, if you missed the live CNBC segment, enjoy the French bank commercial and a wealthy family gleefully jumping fully clothed into their private pool):
“We’ve already had a big break in the market, but we haven’t had yet the big break in the overall market,” he told CNBC on Wednesday, rattling off stocks that have been getting hit by the growth-stock backlash — TwitterTWTR -12.34%, which is getting creamed post-earnings in the premarket, and Yelp YELP -2.53%, to name a pair. “As U.S. investors, you have to choose the time to buy. I believe it’s too late to buy the U.S. stock market.”
The editor and publisher of The Gloom, Boom and Doom Report blames the Fed for that biotech and momentum-stock selloff, and individual investors for having “excessively optimistic expectations about their future returns.”