Marc Faber: 'Market Has Peaked Out'

Melissa Lee of CNBC inveterviews Marc Faber

February 21, 2013

Rough transcript highlights of interview:

stocks having their biggest two-day decline. should investors be prepared for a correction or even worse? joining us now on the fast line is marc faber. marc, good to have you with us. you're going to be pretty doomy and gloomy tonight, i'm guessing, but in terms of a pull-back, you've said in the past, a 1987-like correction. is that what -- is this the beginning of that? i don't think that's yet there. but i think we have made the top and it could be a longer term top. i don't think the market is overbought as it was in '87, so, i don't expect a crash. but i think, for the time being, the market has peaked out. and i think that in the meantime, bonds, which are extremely oversold, could rebound. so, let me get this straight, marc, just to be clear for the viewers out there. you don't necessarily think at this point in time, this two-day decline in the s&p 500, that you don't think that that is the beginning of a 1987-like crash, the parallels aren't quite there between now and '87? correct. what i maintain, in earlier interviews, is that either we have a correction now and then we go up further or we go straight up into hig in july/august from where we could crash, so, i welcome a correction here. the question will be, after this correction, we have to watch the markets rebound, where they can make a new high or not. maybe this high, which has had that 1530 on the s&p -- right. will prove to be a longer term high. so, marc, you know, i know that a lot of viewers listen very closely to what you say. they are loyal cnbc watchers and they have seen you on this network in the past predicting a similar-like correction or decline in february, in mayf

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