BOOM! GLOOM! DOOM!
"The indexes do not reflect what is really going on in the marketplace. You have an index, you have 500 stocks. If three stocks are very very strong, they can push up the index while 497 stocks go down. So we have to look at the market beneath the surface. And beneath the surface there has already been a bear market in the U.S. for a year or more. But a few stocks -- Facebook, Amazon, Netflix, Google, and maybe another 20 shares or so have been keeping the index up. But the typical shares have been in a bear market. And the interventions by the central banks have had numerous unintended consequences..."
More from Dr. Faber: Marc Faber: Precise Outcome Unknown, But It Will Be Negative